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***Wednesday, May 31, 2006 07:01 ET
KNOB LICK, Ky., May 31, 2006 /PRNewswire via COMTEX/ -- The lawsuit recently filed against Young Oil Corporation and others by OMDA Oil & Gas, Inc. (OTC Pink Sheets: OMOG) is nothing more than an attempt by OMDA to get their money back after not getting the results they wanted for some of the wells drilled with Young Oil, a company executive said here today.
"Every oil and gas man knows there are no guarantees in well drilling and you don't get your money back if you drill a dry hole. We will not give their money back and we will vigorously defend this baseless suit," said owner and founder Anthony Young, CEO, of Young Oil Corp.
"We have one of the best commercial well to dry hole ratios in the state of Tennessee. Since 1995, we have drilled literally hundreds of producing wells; however, from time to time, dry holes are a fact of life in the oil and gas business," stated Mr. Young.
State of Tennessee Geologist, Ronald P. Zurawski, said, "In 2004, the overall success rate for all drillers in Tennessee was slightly more than 17%."
"This was a one time shot for OMDA. When we gave them the bad news, they cried foul and wanted their money back. We offered to try to resolve the matter but they declined. They told us they weren't interested in doing so," said Mr. Young.
"The next thing we know, they file a lawsuit in Texas accusing us, among a host of other things, of failing to drill wells, some of which their company representatives actually watched being drilled when they toured the field. They have made so many convoluted and twisted allegations of the facts that I look forward to having the truth come out. These distortions have personally greatly offended me and have caused our company harm. We will aggressively defend this lawsuit and take whatever actions and counterclaims that are available," stated Mr. Young.
"OMDA's history appears to be one of making a practice of being in litigation or in announcing transactions and then canceling them. One really wonders what their real business motivations and objectives are, given their track record," Young noted.
Young Oil Corporation is a privately owned oil and gas exploration and production firm, with operations in Kentucky and Tennessee. Anthony Young personally has twice been awarded Oil Man of the Year for his performance and contributions to the oil and gas industry in the State of Tennessee and has been featured in newspapers, television and radio shows around the world.
SOURCE Young Oil Corporation
Anthony Young of Young Oil Corporation, +1-270-453-3208***
OMOG: $0.048b $0.049a
BDGR: $1.55b $1.57a
Ajor
MARKET WIRE; 5/22/2006
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Transax International Limited (Transax) (OTC BB: TNSX), a network solutions company for healthcare providers and health insurance companies, today reported record financial results for the first quarter ended March 31, 2006.
For the quarter ending March 31, 2006, Transax generated net revenues of $981,058 compared to $640,408 in net revenues during first quarter of 2005, a 53% increase. The increase in revenue was reflected by continued growth in real-time transactions and rollout of previously announced contracts. Transaction volume increased to 1.8 million for the first quarter of 2006, a 42% increase from 1.3 million in the first quarter of 2005.
Loss from operations in the first quarter of 2006 was $121,744 compared with $39,128 during the same period in 2005. Net loss for the first quarter of 2006 was $661,666, or ($0.02) per share, compared with a net loss in the first quarter of 2005 of $98,819, or $0.00 a share. The increase in net loss is principally due to non cash expenses.
For the quarter ending March 31, 2006, the Company incurred $1,102,832 in operating expenses compared to $679,536 during the same period in 2005. The majority of the increase in expenses was attributed to additional software development costs, as well as expenditures associated with the increase in revenues. Furthermore, the Company added consulting services for the initial marketing of its product into the U.S. and its continued marketing efforts in South America.
During the quarter the Company installed an additional 393 solutions and integrated five additional medical laboratories. The Company also commenced a strategic partnership with Brazil's largest Medical Practice Management System which is expected to bring additional revenues in the second half of 2006. During the quarter Transax also contracted an additional insurance operator for connectivity services. Recently, the Company also announced a pilot program with National Health Services, a leading marketing and consulting company of healthcare solutions in the U.S.
Stephen Walters, President & CEO of Transax stated, "We are off to a solid start for 2006. Our revenues and transaction volume continue to increase steadily. More recently, we expect our foray into the U.S. market, through our agreement with National Health Services, to open up further opportunities with major health insurers and health plan operators. Our pilot program is scheduled to begin in New York City." Mr. Walters continued, "As we have previously announced, we anticipate processing 2 million transactions in the second quarter of 2006, another record quarter."
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary MedLink(TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fl, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently executes approximately 700,000 transactions per month, for which Transax receives approximately $0.55 cents per transaction.
Edgar Online - (EDG = 10Q, 10K); 5/19/2006
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
This report on Form 10-QSB contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements and from historical results of operations. Among the risks and uncertainties which could cause such a difference are those relating to our dependence upon certain key personnel, our ability to manage our growth, our success in implementing the business strategy, our success in arranging financing where required, and the risk of economic and market factors affecting us or our customers. Many of such risk factors are beyond the control of the Company and its management.
GENERAL
Transax International Limited, a Colorado corporation (the "Company"), currently trades on the OTC Bulletin Board under the symbol "TNSX"". Transax International Limited is referred to in this Form 10-QSB as "we".
Through our wholly-owned subsidiary TDS Telecommunication Data Systems LTDA ("TDS"), we are an international provider of health information management products (collectively, the "Health Information Management Products"), which are specifically designed for the healthcare providers and health insurance companies. We are dedicated to improving healthcare delivery by providing hospitals, physician practices and health insurance companies with innovative health information management systems to manage coding, compliance, abstracting and record management processes. We have developed a proprietary software trademarked (Brazil only) "MedLink Solution", which was specifically designed and developed for the healthcare and health insurance industry enabling the real time automation of routine patient eligibility, verifications, authorizations, claims processing and payment functions that were previously performed manually (the "MedLink Solution").
PLAN OF OPERATION
Since our inception, we have funded operations through short-term borrowings and equity investments in order to meet our strategic objectives. Our future operations are dependent upon external funding and our ability to increase revenues and reduce expenses. Management believes that sufficient funding will be available from additional related party borrowings and private placements to meet our business objectives including anticipated cash needs for working capital, for a reasonable period of time. However, there can be no assurance that we will be able to obtain sufficient funds to continue the development of our software products and distribution networks.
As of the date of this quarterly report, there is substantial doubt regarding our ability to continue as a going concern as we have not generated sufficient cash flow to fund our business operations and material commitments. Our future success and viability, therefore, are dependent upon our ability to develop, provide and market our information network solutions to healthcare providers, health insurance companies and other end-users, and the continuing ability to generate capital financing. We are optimistic that we will be successful in our business operations and capital raising efforts; however, there can be no assurance that we will be successful in generating revenue or raising additional capital. The failure to generate sufficient revenues or raise additional capital may have a material and adverse effect upon us and our shareholders.
-21-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
RESULTS OF OPERATIONS
THREE-MONTH PERIOD ENDED MARCH 31, 2006 COMPARED TO THREE-MONTH PERIOD ENDED
Our net losses during the three-month period ended March 31, 2006 were $661,666 compared to a net loss of $98,819 during the three-month period ended March 31, 2005, an increase of $562,847.
During the three-month period ended March 31, 2006, we generated $981,058 in revenues compared to $640,408 in revenues for the three-month period ended March 31, 2005, an increase of $340,650 or 53.19%. The significant increase in revenues is due to the continued installation of our software and/or hardware devices containing our software at the healthcare provider's locations in Brazil. Upon installation, we begin the processing of applications submitted by the healthcare provider for approval of patients for healthcare services from the insurance carrier. We charge for these services on a per transaction basis. We undertook approximately 1.84 million "real time transactions during the three-month period ended March 31, 2006 compared to 1.33 million "real time" transactions during the period ended March 31, 2005.
During the three-month period ended March 31, 2006, we incurred operating expenses of $1,102,832 compared to operating expenses of $679,536 incurred during the three month period ended March 31, 2005, an increase of $423,296 or 62.29%. The increase in operating expenses during the three-month period ended March 31, 2006 from the same period in 2005 resulted from: (i) an increase of $268,745 or 111.15% in cost of product support services resulting from the increase in revenues; (ii) an increase of $75,126 or 222.82%, in management and consulting fee-related parties due to an increase in use of management and a director/consultants needed to handle our increased operations; (iii) an increase of $3,113 or 1.36%, in general and administrative expenses resulting from a slight increase in operating costs associated with increased operations;
Certain operating expenses, however, decreased during the three-month period ended March 31, 2006 from the same period in 2005 as follows: (i) a decrease of $11,896 or 11.44%, in payroll and related benefits, which is attributable to a slight decrease in the number of employees.
We reported a loss from operations of $121,774 for the three-month period ended March 31, 2006 as compared to a loss from operations of $39,128 for the three month period ended March 31, 2005. Although there can be no assurances, we anticipate that during fiscal year 2006, our ongoing marketing efforts and product roll-out will result in an increase in our net sales from those reported during fiscal year 2006. To support these increased sales, we anticipate that our operating expenses will also increase during fiscal year 2006 as compared to fiscal year 2005. We are, however, unable to predict at this time the amount of any such increase in operating expenses.
-22-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
Total other expenses increased $480,201 or approximately 804.48% for the three-month period ended March 31, 2006 as compared to the three-month period ended March 31, 2005. Included in this change is: (i) an increase in other expense of $22,349 from $10,514 of other income recognized during the three-month period ended March 31, 2005; (ii) an increase of $153,671 in debt settlement and offering costs from $-0- during the three-month period ended March 31, 2005, which relates to the issuance of warrants to the debenture holder as incentive to extend the due date of the debenture and amortization of debt offering costs; (iii) an increase of $250,315 in loss from derivative liabilities from $-0- during the three-month period ended March 31, 2005, which relates to the classification of the embedded conversion feature and related warrants issued in connection with our Series A preferred stock as a derivative instrument; and (iv) an increase of $40,783 in interest expense from $60,218 for the three-month period ended March 31, 2005, which reflects an increase in our borrowings during the three-month period ended March 31, 2006 and in connection with the grant of warrants.
For the three-month period ended March 31, 2006, our net loss was $661,666 compared to a net loss of $98,819 for the three-month period ended March 31, 2005.
During the three months ended March 31, 2006, we recorded a deemed preferred stock dividend of $800,000 which relates to our Series A Convertible Preferred Stock. This non-cash expense related to the embedded beneficial conversion features of those securities and fair value of warrants of those securities.
We reported a net loss attributable to common shareholders of $1,461,666 for the three months ended March 31, 2006 as compared to a net loss attributable to common shareholders of $98,819 for the three months ended March 31, 2005. This translates to an overall per-share loss available to shareholders of ($.02) and $(0.00) for the three months ended March 31, 2006 and 2005, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2006, our current assets were $691,719 and our current liabilities were $3,310,361, which resulted in a working capital deficit of $2,618,642. As of March 31, 2006, our total assets were $1,836,246 consisting of: (i) $44,333 in cash; (ii) $208,366 in prepaid expenses and other current assets; (iii) $439,020 in accounts receivable; (iv) $361,140 in net software development costs; (v) $778,587 in net valuation of property and equipment; and
As of March 31, 2006, our total liabilities were $4,041,575 consisting of: (i) $1,799,473 in long-term and current portion of accounts payable and accrued expenses; (ii) $235,166 due to related parties; (iii) $201,799 in convertible loans to related parties; (iv) $152,967 in loan payable to related parties; (v) $1,982 in current portion of capital lease obligation; (vi) $230,869 in net convertible debenture payable; (vii) $369,004 in loans payable; (viii) $588,250 in warranty liability; and (ix) $462,065 in convertible feature liability. As at March 31, 2006, our current liabilities were $3,310,361 compared to $2,563,200 at December 31, 2005. The increase in current liabilities is due primarily to the recording of warrant and convertible feature liabilities offset by the repayment of loans and related loans payable.
Stockholders' deficit increased from $1,742,087 for fiscal year ended December 31, 2005 to $2,205,329 for the three-month period ended March 31, 2006.
-23-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
For the three-month period ended March 31, 2006, net cash flow used in operating activities was $154,586 compared to net cash provided by operating activities of $79,432 for the three-month period ended March 31, 2005. The change in cash flows used by operating activities is due to the increase in net loss for the three-month period ended March 31, 2006 as well as the repayment of accounts payable.
Net cash flows used in investing activities amounted to $283,497 for the three-month period ended March 31, 2006 compared to $261,201 for the three-month period ended March 31, 2005. During the three-month period ended March 31, 2006, we capitalized software development costs and acquired equipment for our hardware and software installations while in the three-month period ended March 31, 2005, these costs were less.
Net cash flow provided by financing activities for the three-month period ended March 31, 2006 was $473,926, resulting primarily from net proceeds from the sale of shares of Series A Preferred Stock of $495,734 and proceeds from loans in the amount of $77,499 offset by repayment of capital lease obligations of $14,307 and the repayment or related party loans of $85,000 compared to $99,334 for the three-month period ended March 31, 2005 resulting primarily from proceeds from a convertible debenture.
In summary, based upon the cash flow activities as previously discussed, for the three-month period ended March 31, 2006, our overall cash position increased by $36,458.
Since our inception, we have funded operations through short-term borrowings and equity investments in order to meet our strategic objectives. Our future operations are dependent upon external funding and our ability to increase revenues and reduce expenses. Management believes that sufficient funding will be available from additional related party borrowings and private placements to meet our business objectives including anticipated cash needs for working capital, for a reasonable period of time. However, there can be no assurance that we will be able to obtain sufficient funds to continue the development of our software products and distribution networks.
On January 13, 2006, we entered into an Investment Agreement with Cornell Capital Partners, LP ("Cornell") and together with the Company, (the "Parties"), pursuant to which we shall sell to Cornell up to 16,000 shares of Series A Convertible Preferred Stock, no par value per share, (the "Series A Preferred Shares") which shall be convertible, at Cornell's discretion, into shares of the Company's common stock, par value $.00001 per share (the "Common Stock") for a total price of up to $1,600,000.
Of the 16,000 Series A Preferred Shares to be sold to Cornell, 8,000 Series A Preferred Shares had a purchase price of $800,000, which consists of $255,237 from the surrender of a Promissory Note (as described below) and $544,763 consisting of new funding of which the Company received net proceeds of $470,734 after the payment of placement fees and expenses of $74,029. The purchase of the additional 8,000 Series A Preferred Shares, at the purchase price of $800,000, shall close two (2) business days prior to the date that a registration statement is filed with the United States Securities and Exchange Commission, which occurred in May 2006.
In connection with the sale of the Series A Preferred Shares, on January 13, 2006, the Parties agreed that Cornell Capital Partners will surrender the Promissory Note issued by us to Cornell on May 17, 2005, in the principal amount of $255,237, in exchange for $255,237 of Series A Preferred Shares. As of January 13, 2006, the full amount outstanding under the Promissory Note was $255,237, plus accrued and unpaid interest of $0. As a result of the Parties' agreement, the Promissory Note was retired and canceled. The Parties also agreed to terminate the Securities Purchase Agreement and the Investor Registration Rights Agreement, each dated as of October 25, 2004, as well as the Pledge and Escrow Agreements, each dated as of October 21, 2004, that were entered into by the Parties in connection with the issuance of the Promissory Note.
-24-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
On January 13, 2006, the Company also issued to Cornell warrants to purchase up to 5,000,000 shares of Common stock. The first warrant issued to Cornell for 2,500,000 shares of Common Stock at an exercise price of $0.30 per share, shall terminate after the five (5) year anniversary of the date of issuance. The second warrant issued to Cornell was for 2,500,000 shares of Common Stock at an exercise price of $0.20 per share, and shall terminate after the five (5) year anniversary of the date of issuance.
On May 7, 2006, we sold the remaining 8,000 shares of Series A Preferred Stock to Cornell and received net proceeds of $728,000.
As of the date of this Quarterly report, there is substantial doubt regarding our ability to continue as a going concern as we have not generated sufficient cash flow to fund our business operations and material commitments. Our future success and viability, therefore, are dependent upon our ability to develop, provide and market our information network solutions to healthcare providers, health insurance companies and other end-users, and the continuing ability to generate capital financing. We are optimistic that we will be successful in our business operations and capital raising efforts; however, there can be no assurance that we will be successful in generating revenue or raising additional capital. The failure to generate sufficient revenues or raise additional capital may have a material and adverse effect upon us and our shareholders.
We anticipate an increase in operating expenses over the next three years to pay costs associated with such business operations. We may need to raise additional funds. We may finance these expenses with further issuances of our common stock. We believe that any anticipated private placements of equity capital and debt financing, if successful, may be adequate to fund our operations over the next twelve months. Thereafter, we expect we will need to raise additional capital to meet long-term operating requirements. If we raise additional funds through the issuance of equity or convertible debt securities other than to current shareholders, the percentage ownership of our current shareholders would be reduced, and such securities might have rights, preferences or privileges senior to our existing common stock. In addition, additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available, or are not available with acceptable terms, we may not be able to conduct our business operations successfully. This eventuality could significantly and materially restrict our overall business operations.
Based upon a twelve-month work plan proposed by management, it is anticipated that such a work plan would require approximately $1,000,000 to $3,000,000 of financing designed to fund various commitments and business operations.
In April 2005, we entered into a financing agreement with Scott and Heather Grimes, Joint Tenants with Right of Survivorship (the "Investor"). Under the terms of the financing arrangement with the Investor, we issued convertible debentures to the Investor in the original principal amount of $250,000. The debentures are convertible at the Investor's option any time up to maturity at a conversion price equal to the lower of: (i) 120% of the closing bid price of our common stock on the date of the debentures, or (ii) 80% of the lowest closing bid price of our common stock for the five trading days immediately preceding the conversion date. The debentures have a two-year term and accrue interest at 5% per year. At maturity, the debentures will automatically convert into shares of our common stock at a conversion price equal to the lower of: (i) 120% of the closing bid price of our common stock on the date of the debentures, or (ii) 80% of the lowest closing bid price on our common stock for five trading days immediately preceding the conversion date.
-25-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
On February 1, 2006, we and the debenture holder mutually agreed to extend the term of the debentures until December 1, 2007. In addition, we granted a warrant to purchase 400,000 shares of our common stock to the debenture holder. The warrant has a term of 2 years and is exercisable at $0.20 per share. We agreed to register 3,571,429 shares of our common stock underlying the conversion of the Debentures and the exercise of the warrant not later than 30 days after we filed our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005. On May 9, 2006 a registration statement was filed with the Securities and Exchange Commission.
We believe that we can satisfy our cash requirements for the next twelve months based on our ability to enter into additional financing arrangements as necessary. Our future success and viability are primarily dependent upon our current management to generate revenues from business operations and raise additional capital through further private offerings of our stock or loans from private investors. There can be no assurance, however, that we will be able to raise additional capital. Our failure to successfully raise additional capital will have a material and adverse affect upon us and our shareholders.
MATERIAL COMMITMENTS
CONVERTIBLE LOANS
A significant material liability for us for fiscal year 2006 is the aggregate principal amount of $175,000 and $26,799 in accrued interest due and owing to a related party in accordance with two convertible promissory notes (collectively, the Convertible Promissory Note(s)"). Previously, the aggregate principal amounts of the Convertible Promissory Notes were $200,000 and $100,000, respectively. During March 2005, we modified the terms of the Convertible Promissory Notes: (i) $200,000 is due on March 31, 2007 and convertible into shares of our common stock at $0.125 per share together with a warrant per share to purchase our common stock at $0.25 per share for a period of two years; and
LOAN
A significant material liability for us for fiscal year 2006 is the aggregate amount of $138,874 in principal due and owing to a related party (the "Loan"). The $138,874 Loan is evidenced by a promissory note with an interest rate of 0.8% per month compounded and was repayable during March 2006. As of the date of this Quarterly Report, the Loan due date is being negotiated. Additionally, during 2005, we borrowed $85,000 from this officer, which amount was repaid during the three-month period ended March 31, 2006. At March 31, 2006, $14,093 in interest was accrued and the aggregate principal amount of $152,967 is due and owing.
CONSULTING AGREEMENT
A significant and estimated material liability for us for fiscal year 2006 is the aggregate amount of $201,318 due and owing to Stephen Walters, our President. In accordance with the terms of an agreement, we pay monthly to Mr. Walters an aggregate amount of $13,750 as compensation for managerial and consulting services provided by Mr. Walters.
-26-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
DEBENTURE
A significant material liability for us for fiscal year 2006 is the aggregate amount of $250,000. On April 1, 2005, we entered into a financing agreement with Scott and Heather Grimes, Joint Tenants with Right of Survivorship (the "Investor"). Under the terms of the financing arrangement with the Investor, we issued convertible debentures to the Investor in the original principal amount of $250,000. The debentures are convertible at the Investor's option any time up to maturity at a conversion price equal to the lower of: (i) 120% of the closing bid price of our common stock on the date of the debentures, or (ii) 80% of the lowest closing bid price of our common stock for the five trading days immediately preceding the conversion date. The debentures have a two-year term and accrue interest at 5% per year. At maturity, the debentures will automatically convert into shares of our common stock at a conversion price equal to the lower of: (i) 120% of the closing bid price of our common stock on the date of the debentures, or (ii) 80% of the lowest closing bid price on our common stock for five trading days immediately preceding the conversion date. On February 1, 2006 we agreed to extend the term of the debentures to December 1, 2007 and issued 400,000 warrants at 0.20 per share valid for two years.
ACCRUED TAXES AND RELATED EXPENSES
A significant and estimated material liability for us for fiscal year 2006 is the aggregate amount of approximately $755,100 due and owing for Brazilian payroll taxes and Social Security taxes.
Effective April 1, 2004, we entered into a payment program with the Brazilian authorities whereby the Social Security ("INSS") taxes due and applicable penalties and interests will be repaid over a period of up to 60 months. At December 31, 2005, approximately $297,000 of our INSS taxes are to be repaid over periods from 20-50 months. The payment program requires us to pay a monthly fixed amount of approximately $9,000. During February 2006 we entered into a payment program for $30,000 of other taxes to be repaid over a period of 60 months. Discussions are currently ongoing for us to enter into a similar payment plan for approximately $213,000 of tax liabilities. We made the first payment as per the plan in April 2004 and have continued to make the required payments.
CRITICAL ACCOUNTING POLICIES
Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. These estimates and assumptions are affected by management's applications of accounting policies. Critical accounting policies for Transax International Limited includes the useful lives of property and equipment and accounting for stock based compensation.
We review the carrying value of property and equipment for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by the comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair market value.
-27-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)
Under the criteria set forth in SFAS No. 86, "Accounting for the Costs of Computer Software to be Sold, Leased or Otherwise Marketed," capitalization of software development costs begins upon the establishment of technological feasibility of the software. The establishment of technological feasibility and the ongoing assessment of the recoverability of these costs require considerable judgment by management with respect to certain external factors, including, but not limited to, anticipated future gross product revenues, estimated economic life, and changes in software and hardware technology. Capitalized software development costs are amortized utilizing the straight-line method over the estimated economic life of the software not to exceed three years. We regularly review the carrying value of software development assets and a loss is recognized when the unamortized costs are deemed unrecoverable based on the estimated cash flows to be generated from the applicable software.
Accounting for Stock Based Compensation - Effective January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123 (revised 2004), Share Based Payment ("SFAS No. 123R"). SFAS No. 123R establishes the financial accounting and reporting standards for stock-based compensation plans. As required by SFAS No. 123R, we recognize the cost resulting from all stock-based payment transactions including shares issued under its stock option plans in the financial statements. The adoption of this pronouncement may have a material effect on our results of operations.
Revenue Recognition - Our revenues, which do not require any significant production, modification or customization for the Company's targeted customers and do not have multiple elements, is recognized when (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the Company's fee is fixed and determinable, and; (4) collectibility is probable.
Substantially all of our revenues are derived from the processing of applications by healthcare providers for approval of patients for healthcare services from insurance carriers. Our software or hardware devices containing our software are installed at the healthcare provider's location. We offer transaction services to authorize and adjudicate identity of the patient and obtain "real time" approval for any necessary medical procedure from the . . .
May 19, 2006
Copyright 2006 Edgar Online - (EDG = 10Q, 10K)
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MARKET WIRE; 5/10/2006
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Transax International Limited (Transax) (OTC BB: TNSX), a network solutions company for healthcare providers and health insurance companies, today announced it has signed an agreement to rollout a pilot program with National Health Services (NHS), a healthcare marketing and consulting company offering health services and solutions to health plans, employers, self-funded employers, banks, and insurance companies throughout the U.S.
Under the terms of the agreement, Transax will be responsible for conducting real-time auto-adjudication, processing and payments for NHS member clients. The initial pilot program is with a healthcare provider network in New York City, NY. Upon successful completion of the pilot program both companies anticipate a full rollout of Transax's MedLink solutions to a number of NHS' client's including; health insurance companies, wellness programs, and self-funded health plans.
Transax will generate revenues in two ways under this agreement. As with existing clients, Transax will collect revenue on a per transaction basis for the delivery of its real-time billing and adjudication process. Transax will also receive additional revenues for provision of real-time payment to medical providers following the auto-adjudication of healthcare claims. The Company believes this model, with respect to real-time payment of auto-adjudicated healthcare claims, has not been previously achieved in the U.S. healthcare marketplace.
To date, NHS has access to approximately 17 million lives in the U.S. This includes two national multi-benefit wholesale discount health houses, two multi-specialty national PPO networks, and one national Third Party Administrator (TPA) insurance brokerage. If rollout is achieved as planned, Transax could potentially execute 400,000 additional monthly transactions through its relationship with NHS by the end of 2006, and over 1,200,000 additional monthly transactions by the end of 2007. As of March 2006, Transax was processing approximately 700,000 monthly transactions.
Elizabeth Gannon, President & CEO of National Health Services, commented, "Transax, with its cutting edge technology, offers a unique set of solutions which address key issues facing health insurers today. We are excited to offer the MedLink solution to our growing network of healthcare partners, many of whom are requesting alternatives to the high costs and time associated with processing claims and payments."
Stephen Walters, President & CEO of Transax, commented, "In partnering with NHS, we have the ability expand our reach dramatically into the U.S. healthcare market. NHS is recognized nationally as offering a comprehensive platform for the delivery of cost effective healthcare solutions. NHS' marketing of our technologies as part of their suite of solutions gives us great exposure and validates our business model to the U.S. market." Mr. Walters added, "With our innovative solutions and NHS' broad distribution and marketing capabilities, this agreement has significant potential for both parties."
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary MedLink(TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fl, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently undertakes approximately 700,000 transactions per month, for which Transax receives approximately $0.55 cents per transaction.
About National Health Services
National Health Services (NHS), a national healthcare services marketing company, offers access to innovative industry-wide healthcare and technology solutions for employers, health plans, healthcare providers and consumers. NHS offerings represent a fresh, actionable approach that provides real answers to today's soaring healthcare premiums. For more information on NHS and My Healthy Lifestyle(R), visit www.n-h-s.com.
PR Newswire; 1/20/2006
- Company Also Issues 2006 Revenue Guidance of Over $6,000,000 -
MIAMI, Jan. 20 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions company for healthcare providers and health insurance companies, is pleased to announced it has reached an agreement with Cornell Capital Partners, LLC to issue Series A Convertible Preferred Stock for $1.6 million. The company also announced today that its dramatic revenue growth since 2003 is expected to continue with revenues to exceed $6,000,000 for fiscal 2006.
Under terms of the agreement, Cornell Capital has committed a three-year, $1.6 million convertible preferred equity investment with a coupon yielding 7%. The Company may redeem the convertible shares at anytime. Additionally, the Company has repaid a promissory note of $255,237, terminated a previous Stand-By Equity Agreement and in return received 664,390 shares to its treasury stock previously held by Cornell Capital and Monitor Capital. Proceeds from the transaction will be used for international expansion and implementation of new contracts for 2006.
Commenting on the announcement, President and CEO of Transax Stephen Walters said, "We are pleased to announce this equity agreement with Cornell Capital. In addition to the money we have raised, Transax was able to eliminate a previous promissory note totaling $255,237, and was able to return to treasury 664,390 shares held by Cornell Capital and Monitor Capital. Overall, the transaction improves our liquidity, strengthens our balance sheet, and gives us great leverage to manage our future growth. The proceeds will help us in our expansion of the U.S., South American and Far East markets where we have received significant interest for our solutions and services." Mr. Walters continued, "Transax has experienced dramatic revenue growth from just over $300,000 in 2003 to $3,400,000 in 2005. Based on the recurring revenue we receive from our expanding base of installed customers, coupled with new projects we expect to initiate during the year, we expect to revenues to exceed $6,000,000 in 2006.
Craig Engler, Vice President with Cornell Capital, commented, "We have been working with Transax for over 15 months and have watched the company continue to execute on its business strategy. Transax has developed a unique suite of healthcare processing solutions for the burgeoning healthcare information technology sector. We are pleased to be an important part of Transax's growth strategy with this investment."
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary Medlink (TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fla., Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month, for which Transax receives approximately US55 cents per transaction.
PR Newswire; 1/12/2006
-- Full Year (Unaudited) 2005 Revenues Increase +210% -- 2005 Transaction Volume Up +130% -- 6.5 Million "Real Time" Transactions undertaken in 2005 -- Over 5,350 Solutions Installed and Operating
MIAMI, Jan. 12 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions company for healthcare providers and health insurance companies, is pleased to announce that it recorded approximately 6.5 million "real time" transactions during all of 2005, representing a 130% increase from the 2.8 million transactions undertaken in 2004.
At the end of 2005, Transax had approximately 5,350 solutions installed and operating throughout Brazil. This includes the installation during 2005 of over 1800 new solutions into medical care provider locations along with over 1060 new POS installations where a single POS is being used by multiple clients for "real time" adjudication of health claims. Also during the year, the company integrated all of the major medical laboratories in Brazil, which are undertaking "real time" transactions using the company's proprietary server solution on behalf of its clients.
Transax expects to report annual 2005 revenues of US$3.4 million, a 210% increase as compared to annual revenues reported in 2004.
Commenting on the preliminary annual results for 2005, Stephen Walters, President & CEO of Transax, stated, "With our Brazil unit now experiencing positive cash flow, the company's focus in 2006 is to expand business into new markets. We are currently in discussion with a number of major insurers who realize the many benefits of undertaking 'real time' authorization and adjudication of medical claims that can save a significant amount in administrative costs and claims processing. During the first quarter 2006, Transax expects to announce a number of significant pilot projects with potential new clients."
Walters further commented, "New business in 2006 will be augmented by positive transaction volume and revenue growth as our roll out continues on current contracts."
At the end of 2005, Transax Directors and Officers retired some US$51,000 of short-term debt by conversion to restricted common stock of the corporation. Directors and Officers currently hold some 8.5 million shares of Transax or about 27% of the company's issued capital.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files -- all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives approximately US 55cents per transaction.
Web Site : http://www.transax.com/ or http://www.otcfn.com/tnsx
Email : info@transax.com
Investor Relations Inquiries
OTC Financial Network
300 Chestnut St, Suite 200
Needham, MA 02492 USA
Tel: 561-837-8057
Jamie Dryer
Email : jamie@otcfn.com
PR Newswire; 12/20/2005
MIAMI, Fla., Dec. 20 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions company for healthcare providers and health insurance companies, is pleased to announce that the Company will launch "real time" payment processing of healthcare claims for doctors, hospitals, clinics and medical laboratories that currently use its "Medlink" solution.
Transax President and CEO Stephen Walters said, "We are excited to announce this initiative for 2006, offering a Real Time Payment Option (RTPO) to a number of clients under our current contracts. While customers already benefit from Medlink's simplicity and speed of processing, real time processing allows for even more rapid capture of medical claims, substantially reducing costs associated with traditional claims processing while increasing operating efficiencies throughout the claims process."
Transax's Medlink solutions process eligibility verification, claims submission and claims adjudication "on-line" and in "real time," in a single pass environment, representing a breakthrough in health claims processing. The Company's "real time" payment functionality further reduces medical, operational and administrative costs for both payers and providers. Medlink solutions have been in operation for several years in Brazil, supporting payers with around four million lives. The solutions undertake transactions daily for some of the largest health insurers and medical laboratory groups in Brazil.
Transax is currently negotiating with a number of financial institutions and Automated Clearing Houses (ACHs) to act as strategic partners in offering new functionality to payers and medical providers worldwide.
The Company recently announced its Medlink "real time" and "on-line" solution for the U.S. market will be available in early 2006 and expects to offer auto-adjudication of healthcare claims in less than one second, as compared to traditional processes that can take more than 60 days to complete.
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary Medlink(TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fla., Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month, for which Transax receives approximately US55 cents per transaction.
Web Site: http://www.transax.com/ or http://www.otcfn.com/tnsx
Email: info@transax.com
Investor Relations Inquiries
OTC Financial Network
300 Chestnut St, Suite 200
Needham, MA 02492 USA
Tel: 561-837-8057
Jamie Dryer
Email: jamie@otcfn.com
Business Wire; 12/13/2005
Search for more information on HighBeam Research for tnsx.
CORAL SPRINGS, Fla. -- Union Dental Holdings, Inc. (OTCBB:UDHI) - http://www.uniondental.com - a provider of multi-state dental services for union members, is pleased to announce, that its Strategic Alliance partner Transax International Limited (OTCBB:TNSX) has completed critical components of a HIPPA (Health Insurance Portability and Accountability Act 1996) compliant version for software solutions in the medical and dental industry.
The Solution is an internet browser-based application developed under the Microsoft.NET (NASDAQ:MSFT) platform. The server solution has been developed in Java and operates as a front-end to a number of Practice Management Systems already installed in large clinics, dental offices, hospitals and laboratories.
President and CEO of Union Dental, Dr. George D. Green, stated, "We are very excited about the development of this solution for the dentists in our dental network and we plan to introduce this to our members sometime in 2006 after we do the Beta testing in our dental office in Coral Springs."
The Solution processes "on-line" and "real time" eligibility verification, claims submission and claims adjudication in a single pass environment. The proven solutions reduce medical, dental, operational and administrative costs for both payers and providers and are now HIPPA compliant.
UDHI intends to add a fourth additional solution feature for dentists in its network allowing them to receive payment for procedures performed within a 24-36 hour time frame for all adjudicated claims.
Dr. Green further stated: "As a practicing dentist, receiving payment for services rendered in that short period of time is a major breakthrough for all practitioners in our field and UDHI would receive a fee for this payment solution. Currently there is no system that I am aware of which can verify eligibility, submit claims, adjudicate the claim and have payment in the 24-36 hour time period in an `on-line real time' format."
The Solution can be used by any medical or dental provider that has access to the web through a standard browser.
Dr. George D. Green Goes "Beyond the Press Release"
Please join Dr. Green as he goes "Beyond the Press Release" to provide shareholders with an audio address that further discusses and explains the strategic importance of the HIPPA Compliant Web Link Solutions. The address will be available on the Union Dental Investor Relations Hub at http://www.agoracom.com/ir/uniondental on or before December 19, 2005.
This press release is available on the company's official online Investor Relations HUB at http://www.agoracom.com/IR/UnionDental for all investor questions, answers and discussion within a monitored environment. Alternatively, investors are able to e-mail all questions and correspondence to UDHI@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned subsidiaries and provide dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America ("CWA") and International Brotherhood of Electrical Workers (IBEW) Dental Networks. Union Dental Corp. receives annual management fees from the dentists in exchange for practicing in these "areas of exclusivity" where CWA and IBEW members use the dentists' services. DDS/UDC has contracts with CWA & IBEW Local Unions to provide a dental network utilizing the members existing insurance policy. The dentists in the Dental Network provide services in the areas for union members, as well as existing patients in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full, with certain procedures requiring a small out-of-pocket co-payment from the union member patient. In addition, Union Dental Corp. acquired the assets of an existing dental practice (excluding the patient list) and successfully integrated those assets into its existing practice which has been servicing patients for 17 years in Coral Springs, Florida. UDC and DDS are wholly owned subsidiaries of Union Dental Holdings, Inc.
PR Newswire; 12/7/2005
MIAMI, Dec. 7 /PRNewswire/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions company for healthcare providers and health insurance companies, announced today that its in-house development team has completed critical components of a HIPAA (Health Insurance Portability and Accountability Act 1996)-compliant version of its Medlink WEB and Medlink SERVER software solutions.
Transax's MedLinkWEB solution is an Internet browser-based application developed under the Microsoft.NET platform, while the MedLink SERVER solution has been developed in Java and operates as a front-end to a number of Practice Management Systems already installed in large clinics, hospitals and laboratories.
Transax President and CEO Stephen Walters said, "We are pleased to complete these important developments enabling the company to offer its solution to the US market in 2006." Walters continued, "The ability of payers to auto-adjudicate claims in 'real time' using our solutions, which have been fully operational and proven for a number of years internationally, will enable both payers and providers in the USA to benefit from the consolidation of healthcare claim processing, especially benefiting HSA accounts."
Both MedLink solutions process "on-line" and "real-time" eligibility verification, claims submission and claims adjudication in a single pass environment, representing a breakthrough in health claims processing. The Company's proven solutions reduce medical, operational and administrative costs for both payers and providers and our now HIPAA compliant. Both solutions have been in production for several years in Brazil, supporting payers with around four million lives. The solutions undertake transactions daily for some the largest health insurers and medical laboratory groups in Brazil.
The implementation and internal tests for HIPAA compliance took over 6-months of development by Transax's technical engineers. Under the auspices of a USA consultant, HIPAA compliance was implemented using the Extreme Translator Tool, granting the generation of HIPAA X-12 format for exchange with payers and providers systems with such capabilities. The newly developed solutions will undergo compliance testing by an independent third-party in the USA in early 2006. Upon certification, Transax will launch its Medlink Solution to the US market under its current arrangements with Union Dental Corp. and to the general market.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives approximately US55cents per transaction.
Web Site : http://www.transax.com/ or http://www.otcfn.com/tnsx Email : info@transax.com
Investor Relations Inquiries
OTC Financial Network
300 Chestnut St, Suite 200
Needham, MA 02492 USA
Tel: 561-837-8057
Jamie Dryer
Email: jamie@otcfn.com
PR Newswire; 11/22/2005
MIAMI, Nov. 22 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions company for healthcare providers and health insurance companies, announced today that on Friday, November 18, 2005, President Stephen Walters was interviewed by Kurt Schemers on Traders Nation(TM), a popular syndicated investment-oriented radio and television talk show airing "live" five days per week. To listen to a rebroadcast of the interview, visit: http://www.otcfn.com/tnsx .
During the Traders Nation interview, Walters discussed Transax's aggressive growth strategies, recent developments, and future growth prospects of the Company. With only 25% of existing contracts rolled out to-date, the Company expects revenue to be in the range of $3.5-3.6 million for fiscal 2005. Continuous roll out of solutions to current customers during 2006 and beyond will generate up to $15 million annually in revenues.
The majority of Transax's current operations are underway in Brazil, the largest country in South America, with contracts for 2.5 million transactions per month currently in place when fully rolled out. Additionally, Transax is marketing its network solutions outside of Brazil, including in the United States, where a pilot testing program with a Florida-based dental group is currently being finalized. Transax's proprietary solutions streamline the adjudication process, providing seamless eligibility approvals, authorization and auto-adjudication of the health claim.
About Traders Nation(TM)
Traders Nation Television broadcasts through partner Streetcast Television, which is currently seen four days each week on America One Cable, a 24-hour broadcast network that provides programming to over 30 million households via 127 broadcast affiliate stations located in 40 states. Traders Nation broadcasts are fed on the New York ABC's Starguide Satellite System, which can be received by over 4,000 radio stations across the United States. The Company's station affiliates capture Traders Nation for either a simulcast or rebroadcast of the show.
Traders Nation is heard by tens of thousands of end users via QuoteStream online financial software and is Apple's iTunes only pre-select financial talk show listed. Multiple segments make up the "live" hour-long Traders Nation program where listeners hear the latest small cap news of the day and scheduled guests, from industry experts and CEOs. Traders also share investing, trading strategies and potential hot stock plays throughout the call-in portion of the show. For more information, visit: http://www.tradersnation.com/ . For full disclaimer information, visit http://www.tradersnation.com/disclaimer.shtml .
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files -- all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives approximately US55cents per transaction.
Web Site: http://www.transax.com/ or http://www.otcfn.com/tnsx
Email: info@transax.com
Investor Relations Inquiries
OTC Financial Network
300 Chestnut St, Suite 200
Needham, MA 02492 USA
Tel: 561-837-8057
Jamie Dryer
Email: jamie@otcfn.com
PR Newswire; 11/15/2005
- Revenue Up 194% Over 2004 -
MIAMI, Nov. 15 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) is pleased to report financial results for the three and nine-month periods ended September 30, 2005. The period represents Transax's eleventh quarter of positive revenue growth since commencing its roll out program.
Net sales for the third quarter 2005 were $948,993, up 194% from $322,337 reported for the same period in 2004. The sharp increase in revenues is due to the roll out of new solutions on current contracts and corresponding transaction volume increases.
Operating expenses for the three months ended September 30, 2005 were $958,664, a decrease of $6,147 from operating expenses reported for the three months ended September 30, 2004. Operating loss for the three months ended September 30, 2005, narrowed to $9,671, or $0.01 per diluted share, as compared to a loss of $642,434 or $0.04 per diluted share for the three months ended September 30, 2004. Taking into account non-cash items, such as depreciation, the Company's operations are now performing profitably.
Net sales for the first nine months of 2005 were $2,450,424, up 217% from $772,576 reported for the comparable period in 2004. Operational losses narrowed for the period, to ($104,563) or $0.02 per share, from the ($1,082,813), or $0.08 loss per share reported for the same nine month period of 2004. Cash flow from operations for the nine-month period ending September 30, 2005 was $289,893.
Transax President and CEO Stephen Walters said, "We are extremely pleased with Transax's continued positive trajectory. While growing revenues close to 200% over last year, we were able to lower our operating expenses significantly, generating positive cash flow for continued growth."
Walters continued, "Our outlook for the remainder of the year is positive as we expect to triple revenues in 2005 over 2004. In addition to continued roll out of current contracts, Transax is undertaking development to make its product HIPAA-compliant for the U.S. market and we are actively pursuing strategic financing opportunities to ensure continued development and implementation of our products in the international marketplace during 2006."
During the third quarter 2005, Transax completed 1.75 Million "real time" transactions. Also during the quarter, Transax installed an additional 350 solutions to medical provider locations in Brazil. At the end of the third quarter, Transax had over 5000 solutions operational nationwide throughout Brazil, including more than 2500 POS solutions and 630 overlapping POS solutions undertaking transactions on behalf of multiple clients.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files -- all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives approximately US55cents per transaction.
Online Product News; 11/1/2005
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Union Dental Holdings, Inc. (BULLETIN BOARD: UDHI) has formed a strategic alliance with Transax International Limited (BULLETIN BOARD: TNSX) and released a new version of Medlink Web for release in the United States. The web solution provides connectivity for authorization and adjudication in real time of medical and dental claims to Union Dental's network of healthcare plan providers. It is already in use in Brazil.
Union Dental plans to first test Medlink Web in its Coral Springs office, and then with its dental network of providers servicing CWA members before marketing the product and ancillary software to other U.S. dentists.
Transax developed the new version of the web solution using the Microsoft. NET platform. In early 2005, a Transax subsidiary operating in Brazil became a member of the Microsoft Partnership program. The web solution was initially designed in collaboration with the Microsoft Technical Training Center in Brazil.
The Medlink Web solution offers all of the functionalities available in the company's other capture solutions, such as medical and dental exams, procedures, therapies, visits, laboratory tests and doctor referrals. Medlink Web contains security procedures following international standards, an intrusion detection system and uses SSL security to encrypt transactions. Additional security features are provided at the application level to individual users.
The Medlink Web can be used by any medical or dental provider that has access to the Internet through a standard browser.
George D. Green, president and CEO of UDHI, said, "This new web solution will take the four-step process of verification of patient benefits with the insurance company, submission of claims to the insurance company, adjudication of the claim benefits from the insurance company and then payment of the claims from the insurance company to the doctor, into a single on-line format. Our intent is to make arrangements with financial entities to transfer the insurance payment to the doctor within 24 to 36 hours."
Stephen Walters, president and CEO of Transax International LTD, said, "This unique product has the ability through the company's Medlink connectivity to fully authorize and adjudicate in real time a health or dental insurance claim on behalf of an insurer or health/dental plan using MedLink Web from any location in the world. The English language version of the solution is currently being completed and will be presented to potential clients from other countries that have expressed interest in the solution."
About Union Dental
Union Dental provides a unique way for unions to provide dental care to their members. The company is currently serving the Communications Workers of America (CWA) and International Brotherhood of Electrical Workers (IBEW). Union Dental receives annual management fees from the dentists in exchange for practicing in areas of exclusivity where CWA and IBEW members use the dentists' services. The company also has contracts with CWA & IBEW local unions to provide a dental network using the members' existing insurance policies. Dentists in the dental network provide services for union members, as well as existing patients, in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full with certain procedures requiring a small out-of- pocket co-payment from the union member patient. Union Dental also owns and operates a 17-year old profitable dental practice.
Union Dental can be found on the World Wide Web at http://www.uniondental.com/.
For more information, call 305/451-1888.
PR Newswire; 10/31/2005
MIAMI, Oct. 31 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a cost saving information network solutions provider for the healthcare sector, advises that on October 28, 2005, the Company filed Form RW to the United States Securities and Exchange Commission (SEC) withdrawing the Company's Registration Statement regarding the proposed sale of securities in regards to an equity line financing with Cornell Capital Partners, LP.
The Company advises no securities were sold in connection with the Registration Statement.
The Company further advises that despite the effects of Hurricane Wilma in South Florida, the Company's corporate office in Miami is functioning normally and all of the Company's revenue operations are not effected as they are all currently located outside of the United States.
About Transax International Limited
Transax International Ltd. provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditure without any significant cost or expense to the health insurer. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 34 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction.
PR Newswire; 10/18/2005
-Introduces 'Fingerprint' Technology to Provide Fraud Prevention and Additional Cost Savings-
MIAMI, Oct. 18 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a cost-saving information network solutions provider for the healthcare sector, is pleased to announce that the Company's in-house technical team has successfully developed a biometric (fingerprint reader) version of its Medlink solution on behalf of a major health insurance group in Brazil, and is currently piloting the solution in that region.
This new biometric security technology version of Transax's Medlink solution is currently in pilot production testing at a major medical laboratory facility in Brazil, which is expected to last up to 60 days. Use of the biometric solution is rendered from the first time a patient visits a medical provider location. The patient passes a magnetic card through a reader for verification and then provides a fingerprint and his/her biometric identity is stored in the Medlink authorizer.
Transax's Medlink biometric technology is used in conjunction with magnetic stripe or smart cards issued by the health insurer to its policyholders in such a way that, through the Medlink "real-time" adjudication system, information on the magnetic stripe card and fingerprint recognition must match each time a patient requires authorization and adjudication of medical claims. This additional security for the Medlink solution will expedite patient authentication processes while significantly enhancing the security of customer information transfer between the healthcare provider and the insurer.
Upon certification of the solution, Transax will make the new biometric version available as an option to its current and future clients.
Transax CEO Stephen Walters said, "In today's world, information security and the need to eliminate fraud at all levels of a healthcare transaction are primary concerns to healthcare providers, patients and healthcare insurers alike, in the effort to lower costs. The addition of biometric technology to our Medlink software suite provides enhanced security to a system that is already designed to provide a host of cost- and time-saving benefits to patients, providers and insurers, but is also expected to translate into additional cost reductions as a result of fewer fraudulent claims."
About Transax International Limited
Transax International Ltd. provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files, all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditure without any significant cost or expense to the health insurer. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil, with approximately 34 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50 cents per transaction.
PR Newswire; 10/6/2005
Third Quarter Transaction Volume Up 115%-
MIAMI, Oct. 6 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a cost-saving information network solutions provider for the healthcare sector, is pleased to announce record transaction volume for the third quarter 2005, its 11th consecutive quarter of positive transaction volume and revenue growth.
For the third quarter 2005, Transax undertook 1.75 million "real time" transactions, an increase of 115% compared to the same period in 2004. During the first nine months of 2005 Transax undertook 4.75 million transactions and during the first six months of 2005 received on average $0.50 per transaction.
Stephen Walters, President & CEO of Transax, said, "We are pleased to report continued growth in operations, including another quarter of increased transaction volume. As a number of initiatives come to fruition, we expect to report record revenues for the third quarter of 2005. While all segments have grown in recent months, this quarter, as a percentage of total transactions, high margin Point of Sale (POS) transactions have been steadily increasing throughout the year and are now 63% of all transactions undertaken by Transax."
Third quarter 2005 highlights include:
* Transaction Volume increase 115% as compared to the same quarter in 2004
* Nine month Transaction Volume increase 150% compared to the same period in 2004
* 11th Consecutive Quarter of Positive Transaction Volume and Revenue Growth
* Over 5,000 solutions operational at end of Third Quarter 2005
During the third quarter 2005, Transax International completed 1.75 million "real time" transactions including 1.1 million Point of Sale transactions. At the end of the third quarter 2005, the Company commenced a major initiative to integrate approximately 50 medical laboratory facilities countrywide throughout Brazil to collect "real time" medical laboratory transactions on behalf of its insurance company clients using Transax's proprietary software.
Also during the third quarter, Transax installed an additional 350 solutions to medical provider locations in Brazil. At the end of the quarter, Transax had over 5000 solutions operational nationwide throughout Brazil including more than 2500 POS solutions and 630 overlapping POS solutions undertaking transactions on behalf of multiple clients.
About Transax International Limited
Transax International Ltd. provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditure without any significant cost or expense to the health insurer. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 34 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US 50 cents per transaction.
PR Newswire; 9/28/2005
MIAMI, Sept. 28 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) , a network solutions provider for the healthcare sector, is pleased to announce that the Company has opened a new regional office in Sao Paulo, Brazil for expansion of its business into the South American market.
Mr. Eduardo Faci, a business executive with considerable experience in the healthcare technology sectors, has been appointed South American Regional Business Manager for the Company. Mr. Faci is a former business executive for Proceda Technology & Information and Business Manager for Salutia SA -- both companies based in Brazil and focused on the healthcare information technology sector.
Transax International is currently in discussions with a number of parties and potential strategic partners from countries in South America regarding strategic expansion of its business and expects to announce preliminary agreements in the forthcoming quarter.
In conjunction with the planned expansion, Transax recently hired a South American-based public relations company to feature the company and its products to the South American media.
Transax CEO Stephen Walters said, "TDS Medlink, our Brazil subsidiary, is the pioneer of the concept of real-time auto adjudication of medical claims and is the largest company of its kind in South America in terms of transaction volume. Based on the success of the solution in this emerging marketplace, and the increasing number of inquiries from the healthcare sector in other South American countries, the opening of our new regional office is a natural extension of our business plan."
About Transax International Limited
Transax International Ltd. provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files all instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditure. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 34 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50 cents per transaction.
PR Newswire; 8/24/2005
MIAMI, Aug. 24 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) is pleased to report the following developments with Union Dental Holdings Inc. (BULLETIN BOARD: UDHI) for the introduction of real time authorization and auto-adjudication of dental claims for the USA market.
Union Dental Holdings reported today that it plans to test Transax proprietary newly developed Web Solution as a pilot project prior to the solution being marketed to other dental providers within its dental network.
Transax newly developed Web solution provides "real-time" eligibility, authorization and auto-adjudication of medical, dental and ancillary medical claims. Transax has recently contracted US based consultants with respect to HIPAA (Health Insurance Portability and Accountability Act of 1996) compliance of the solution in preparation for its introduction to the US market.
Transax expects the developments when complete and tested by Union Dental Holdings could lead to a major contract in the United States to provide "real- time" authorization and auto-adjudication of health claims within the expanding Union Dental network of many hundreds of dental providers throughout USA. More than 450 dental providers currently make up the Union Dental Holdings network which is reported to undertake in excess of 1million transactions per month.
Transax President and CEO Stephen Walters said, "it is the intention of the company in conjunction with US based Health insurers to offer not only 'real time' eligibility and authorization of claims but also 'auto-adjudication' in order that US based health insurers can benefit from the many cost savings in claims administration as has been proven by use of the solution overseas and to significantly speed the process by which health insurance claims are paid"
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files all instantaneously in "real time"- regardless of method of claim generation. Transax's solutions have been proven to significantly decrease health insurance claim expenditure. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction.
PR Newswire; 8/24/2005
CORAL SPRINGS, Fla., Aug. 24 /PRNewswire-FirstCall/ -- Union Dental Holdings, Inc. (BULLETIN BOARD: UDHI) announced today that its strategic alliance partner Transax International Limited (BULLETIN BOARD: TNSX) has released a new version of Medlink Web for release in the United States. The web solution provides connectivity for authorization and adjudication in real time of medical and dental claims to Union Dental's network of healthcare plan providers. It is already in use in Brazil.
Union Dental plans to first test Medlink Web in its Coral Springs office, and then with its dental network of providers servicing CWA members before marketing the product and ancillary software to other U.S. dentists.
Transax developed the new version of the web solution using the Microsoft .NET platform. In early 2005, a Transax subsidiary operating in Brazil became a member of the Microsoft Partnership program. The web solution was initially designed in collaboration with the Microsoft Technical Training Center in Brazil.
The Medlink Web solution offers all of the functionalities available in the company's other capture solutions, such as medical and dental exams, procedures, therapies, visits, laboratory tests and doctor referrals. Medlink Web contains security procedures following international standards, an intrusion detection system and uses SSL security to encrypt transactions. Additional security features are provided at the application level to individual users.
The Medlink Web can be used by any medical or dental provider that has access to the Internet through a standard browser.
George D. Green, president and CEO of UDHI, said, "This new web solution will take the four-step process of verification of patient benefits with the insurance company, submission of claims to the insurance company, adjudication of the claim benefits from the insurance company and then payment of the claims from the insurance company to the doctor, into a single on-line format. Our intent is to make arrangements with financial entities to transfer the insurance payment to the doctor within 24 to 36 hours."
Stephen Walters, president and CEO of Transax International LTD, said, "This unique product has the ability through the company's Medlink connectivity to fully authorize and adjudicate in real time a health or dental insurance claim on behalf of an insurer or health/dental plan using MedLink Web from any location in the world. The English language version of the solution is currently being completed and will be presented to potential clients from other countries that have expressed interest in the solution."
About Union Dental
Union Dental provides a unique way for unions to provide dental care to their members. The company is currently serving the Communications Workers of America (CWA) and International Brotherhood of Electrical Workers (IBEW). Union Dental receives annual management fees from the dentists in exchange for practicing in areas of exclusivity where CWA and IBEW members use the dentists' services. The company also has contracts with CWA & IBEW local unions to provide a dental network using the members' existing insurance policies. Dentists in the dental network provide services for union members, as well as existing patients, in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full with certain procedures requiring a small out-of- pocket co-payment from the union member patient. Union Dental also owns and operates a 17-year old profitable dental practice. For more information, visit http://www.uniondental.com/.
PR Newswire; 8/19/2005
-Revenue up 175% Over Q2FY04-
MIAMI, Aug. 19 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) is pleased to report financial results for the three and six-month periods ended June 30, 2005.
During the second quarter ended June 30, 2005, Transax reported revenues up 175%, or $861,023 in net revenues as compared to $312,165 in net revenues for the same period last year. The sharp increase in revenues is due to the rollout of new solutions on current contracts and corresponding transaction volume increases.
Operating expenses for the three months ended June 30, 2005 were $916,717, an increase of $525,463 from operating expenses for the three months ended June 30 2004. Operating loss for the three months ended June 30 2005, was ($55,764), or $0.01 per diluted share, as compared to a loss of ($78,709) or $0.01 per diluted share for the three months ended June 30, 2004. During the quarter ended June 30, 2005 Transax recorded a one time charge of $71,000 relating to a restructuring of its call center and customer care departments without which the company would have recorded an operating profit for the three months ended June 30, 2005.
During the six-months ended June 30, 2005, revenues were $1,501,431, an increase of 233% from $450,199 reported for the comparable period in 2004. Operational losses narrowed for the period, to ($94,892) or $0.01 per share, a decrease from the ($440,379), or $0.04 loss per share reported for the same six month period of 2004. Cash flow from operations for six-month period ending June 30, 2005 was $251,045.
Transax President and CEO Stephen Walters said, "We are extremely pleased with Transax's positive growth in revenues and cash flow from operations to date. As we continue research and development for the U.S. and other markets and begin to realize the benefit of new installations to current and potential clients, we expect this growth trend to continue in 2005 while maintaining careful financial controls."
Walters continued, "As we continue to develop our proprietary solutions for the healthcare sector over the long term, we intend to actively pursue strategic financing opportunities to ensure continued development and implementation in the international marketplace."
During the second quarter 2005, Transax completed 1.7 Million "real time" transactions, a 186% increase as compared with the same period in 2004. During the six months ended June 30, 2005 Transax installed a record 1,043 Point of Sales (POS) solutions. At the end of the second quarter 2005, Transax had over 4,600 solutions operational in Brazil including 2,345 POS solutions at medical provider locations and 2,200 Interactive Voice Response solutions all undertaking "real time" adjudication of medical claims on behalf of major health insurance companies. In addition the company continued to integrate medical laboratories in Brazil for seamless authorization and adjudication of medical transactions on behalf of its clients.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files all instantaneously in "real time"- regardless of method of claim generation. Transax's solutions have been proven to significantly decrease health insurance claim expenditure. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 30 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction.
PR Newswire; 8/10/2005
MIAMI, Aug. 10 /PRNewswire-FirstCall/ -- Transax International Limited (BULLETIN BOARD: TNSX) ("Transax") is pleased to announce that it has released a new Web Solution to provide connectivity for authorization and adjudication in "real time" of medical claims to its current network of Healthcare Plan providers.
The new version of MedLink Web Solution was developed in-house by the Company's qualified professionals using the Microsoft.NET platform. In early 2005, the company's operating subsidiary in Brazil became a member of the Microsoft Partnership program. Initial design and specification of the Web solution was undertaken in collaboration with engineers from the Microsoft Development and Training Center in Brazil and company staff.
The Company's new MedLink Web Solution offers all functionalities already available in other Transax capture solutions, but in an Internet-based application that can be accessed by providers through a standard Internet browser. MedLink's Web Solution allows providers to capture medical and dental exams, procedures, therapies, visits, laboratory tests and doctor referrals without complicated software conversion, utilizing an existing Internet connection. MedLink Web contains a number of important security procedures following international standards, utilizing an intrusion detection system and SSL security to encrypt transactions. Additional security features are provided at the application level to individual users.
Stephen Walters, President & CEO, stated, "We are excited to introduce this new product to the marketplace. The product of substantial research and development, this new Web-based solution opens MedLink up to a much larger audience, allowing for health insurers and providers to fully authorize and adjudicate claims in 'real time,' from any location in the world."
Walters continued, "An English language version of the solution is currently being completed and we will begin to demonstrate the latest application to a number of potential international clients in various countries who have expressed interest."
Transax's MedLink Web Solution is part of the company's "Total Connectivity" concept, including: MedLink POS, MedLink PC, MedLink Phone, MedLink Server, MedLink HOSP and MedLink PC Net, and allows capture and adjudication in "real time," 100% of the transactions from a medical provider location no matter what the existing environment. Currently the company's capture solutions are installed in over 4,000 medical provider locations in Brazil, with plans for 2,000 additional capture solutions by the end of 2005.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files all instantaneously in "real time" -- regardless of method of claim generation. Transax's solutions have been proven to significantly decrease health insurance claim expenditure. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 30 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction
Eatmenasdaq, have you found the Stockster picks have done well? I have only learned of them from you. You have mentioned them a number of times. Did they recommend VRDI before?
BIGN is $0.062 per share. That is hard to believe. It appears that Raging bull has me locked out. They did it without warning. I am considering opening my own bb for posting. I'm getting tired of being pushed around. I've got ideas that are better than what they do on any of these threads, anyway. I wonder how profitable these bb's can be.
Anyway, I'll keep an eye on VRDI. There are some interesting aspects about the company, but INDX has never really done that great, so I have doubts that a $2.5 mil company can do much.
BDGR: $1.58
Ajor
I am at my limit of posts for the day. For those who don't have access to older news, I'm posting all these older news articles. By looking at old news releases one learns, perhaps, the most about a company. For in this way, one can compare what was said in the past with what actually happened. One can also track historic growth and get a better understanding of what one should look foreward to in the future.
I'll post more old news articles tomorrow until we are up to the current date.
TNSX does seem to have been on a steady path of revenue growth.
I like this company because it is easy to follow and to understand how they will make money. More transactions will mean more revenues, etc. Now, how large are the barriers to entry into this field? What would make it difficult for competitors to enter it?
I think money might be made by investors by understanding this comapny better and what is required to make it in the US market and to know what signs to look for when it is starting to make it in the US.
I see the niche TNSX as filling as being of very great need. But why isn't anyone else, alledgely, doing it? I find it hard to believe that no one else has tried. And why has it worked in Brazil?
These are just a few of my thoughts. As I get the chance, and as I get "inspired," I dig a little deeper into this company.
I am still 100% into BDGR and have not traded or sold one share of it.
I always like to have a list of exciting companies to invest in. At some point, TNSX might move up on my list and I might end of owning some. For now, I'm still just looking and researching.
BDGR: $1.58
TNSX: $0.18
Ajor
PR Newswire; 7/27/2005
MIAMI, July 27 /PRNewswire-FirstCall/ -- Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to report record preliminary second quarter results. During the quarter ended June 30, 2005, Transax International recorded a sharp increase in transaction volume for the second quarter 2005, its 10th consecutive quarter of positive transaction volume and revenue growth.
For the second quarter of 2005, Transax will report unaudited preliminary net revenues in excess of US$900,000, an increase of more than 200% as compared to revenues reported for the same period in 2004.
Second quarter highlights include:
- Second Quarter Transaction Volume Increase 186%
- Second Quarter Net Revenues increase to over US$900,000
- Second Quarter Revenues increase 200% compared to 2004
- 10th Consecutive Quarter of Positive Transaction Volume and Revenue
Growth
During the second quarter 2005, Transax completed 1.7 Million "real time" transactions, a 186% increase as compared with the same period in 2004. The second quarter 2005 transaction volume represents a 30% increase as compared to the first quarter of 2005. During the first six months of 2005, Transax completed 3.0 million transactions consisting of 1.7 million Point of Sale (POS) transactions, 1.0 million transactions generated by the use of the company's software installed into medical providers computers and 0.3 million transactions by Interactive Voice Response. Transax projects to undertake up to 8 million transactions during fiscal 2005.
Transax installed 392 Point of Sale (POS) solutions to medical provider locations during the second quarter of fiscal 2005. At the end of the second quarter 2005 Transax had over 4,600 solutions operational in Brazil including 2,345 POS solutions at medical provider locations and 2,200 Interactive Voice Response solutions all undertaking "real time" adjudication of medical claims on behalf of major health insurance companies. In addition the company continued to integrate the major medical laboratories in Brazil for seamless authorization and adjudication of medical transactions on behalf of its clients.
Stephen Walters President & CEO of Transax said, "We are pleased to report continued growth in all areas of operations. Since commencing our roll out plan, we have now recorded ten quarters of positive transaction volume, with dramatic revenue growth and we expect continued favorable growth rates to throughout 2005 as our roll out program gains momentum."
About Transax International Limited
Transax is provider of network solutions for healthcare providers and health insurance companies. Through its wholly owned proprietary technology Transax provides a service similar to a credit card process for the health insurance industry where a transaction consists of approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files all instantaneously in "real time" regardless of method of claim generation. The "on line" solution has been proven to significantly decrease health insurance claim expenditure. Based in Miami, Florida Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 30 staff. Transax has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction.
PR Newswire; 7/27/2005
In the news release, Transax International Limited Reports Second Quarter Net Revenues up 200%, issued earlier today by Transax International Limited over PR Newswire, we are advised by the company that the headline should read "Transax International Limited Reports Second Quarter Net Revenues up 175%" rather than "up 200%"; the second paragraph should be replaced with "For the second quarter of 2005, Transax will report unaudited preliminary net revenues in excess of US$850,000, an increase of more than 175% as compared to revenues reported for the same period in 2004."; the second bullet point should read "Second Quarter Net Revenues increase to over US$850,000" rather than "US$900,000"; and the third bullet point should read "Second Quarter Revenues increase 175% compared to 2004" rather than "increased 200% compared to 2004" as originally issued inadvertently.
PRNewswire -- July 27
Web site: http://www.transax.com/
COPYRIGHT 2005 PR Newswire Association LLC
PR Newswire; 7/20/2005
MIAMI, July 20 /PRNewswire-FirstCall/ -- Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) , a healthcare network solutions company, announced today that it has retained OTC Financial Network, a division of National Financial Communications Corp., to implement a comprehensive investor relations program.
Geoffrey Eiten, president of National Financial Communications said, "As the nation's healthcare crisis continues to tighten resources for all involved, Transax has developed a unique solution that links providers and insurers in a way that could dramatically improve efficiencies and grow margins for all involved. As the Company moves into new markets and continues its growth trajectory, we look forward to sharing the story with Wall Street."
Stephen Walters President & CEO of Transax said, "Since proving the commercialization of our solution and as we continue to grow marketshare, it is important to provide timely and effective communication for our valued shareholders. We look forward to working with OTC Financial Network toward that goal."
About OTC Financial Network
Since 1992, OTC Financial Network has provided consulting services and customized, proactive investor relations campaigns to more than 500 small/micro-cap public companies. OTC Financial Network designs and implements results-driven direct mail, electronic marketing, shareholder communications and other programs to increase market awareness on behalf of its clients.
A partnership with OTC Financial Network can improve a company's shareholder communications channel, facilitate capital formation opportunities, create an expanding and diversified base of institutional and retail shareholders, and garner financial media coverage. OTC Financial Network is a division of National Financial Communications Corp. based in Needham, MA. For more information visit http://www.otcfn.com/ and http://www.nationalfc.com/.
OTC Financial Network serves as special advisor to Transax International and has received fees for services, including US$5000 per month. This is not an offer to buy or sell securities. Information or opinions in this release are presented solely for informative purposes, and are not intended nor should they be construed as investment advice. Full disclaimer information can be found online at http://www.otcfn.com/tnsx/disclaim.html.
About Transax International Limited
Transax provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of approving eligibility, authorization, auto- adjudication of the health claim and generating the claim payable files all instantaneously in "real time" -- regardless of method of claim generation. Transax's "on line" solution has been proven to significantly decrease health insurance claim expenditure. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 30 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50cents per transaction.
PR Newswire; 5/17/2005
- Net Quarterly Revenues Increase to $640,000
- Ninth Quarter of Positive Transaction Growth
MIAMI, May 17 /PRNewswire-FirstCall/ -- Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to report its financial results for the first quarter 2005.
During the first quarter ended March 31, 2005, Transax generated $640,408 in net revenues compared to $137,584 in net revenues for the three months ended March 31, 2004. The significant increase in revenues of 365% is due to the rollout of new solutions on current contracts.
Operating expenses for the three months ended March 31, 2005 were $679,536, an increase of $180,282, or approximately 36% from operating expenses for the three months ended March 31, 2004.
Operating loss for the three months ended March 31, 2005 was $39,128, a reduction of 89% compared to a loss of $361,670 for the three months ended March 31, 2004.
Transax undertook 1.3 million "real-time" transactions during the first quarter 2005 compared to 0.5 million "real-time" transactions during the same period in 2004. The company installed a record 751 Point of Sales (POS) solutions during the quarter including 226 overlapping solutions where a single POS unit is used to authorize and adjudicate in "real-time" claims on behalf of multiple health insurance companies.
"Our first quarter 2005 financial results delivered impressive year over year revenue growth. It also represents the first quarter where our operations in South America delivered significant cash flow," said Stephen Walters, Transax President and CEO. "For the balance of the year 2005, our focus is to continue our rollout program while continuing to build out our longer term growth strategy centered on bringing our product to new markets."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real-time" regardless of location or method of claim generation. Transax currently undertakes approximately 550,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 4/18/2005
MIAMI, April 18 /PRNewswire-FirstCall/ -- Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to report its financial results for the fiscal year ending December 31st 2004 and fourth quarter 2004.
During fiscal year ended December 31, 2004, Transax generated approximately $1.2 million in net revenues compared to approximately $309,589 in net revenues during fiscal year ended December 31, 2003. The significant increase in revenues of 290% is due to the rollout of new software contracts in Brazil.
There was a net loss in 2004 of $1.8 million, or $0.11 per share, compared with a net loss in 2003 of $3.2 million, or $0.25 a share. Loss from operations in 2004 was $1.6 million compared with $3.0 million during 2003. Detailed financial statements are presented in the company's Form 10-KSB filed to the Securities and Exchange Commission.
Net Revenues for the fourth quarter 2004 were $427,000 compared to $109,000 during the corresponding period in 2003 an approximate increase of 292%.
During fiscal year ended December 31, 2004, we incurred approximately $2.8 million in operating expenses compared to approximately $3.4 million in operating expenses during fiscal year ended December 31, 2003.
Commenting on the results for fiscal 2004, Stephen Walters President & CEO of Transax stated, "Favorable growth rates are expected to continue during 2005 and along with keeping operating costs in line with those recorded in 2004, Transax is expected to reach profitability during the second quarter 2005."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 550,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 4/6/2005
MIAMI, April 6 /PRNewswire-FirstCall/ -- Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to report that it has recorded record transaction volume for the first quarter 2005, its 9th consecutive quarter of transaction volume and revenue growth.
During the first quarter 2005, Transax completed 1.3 Million "real time" transactions, a 180% increase compared with the same period in 2004. The first quarter 2005 transaction volume represents a 40% increase as compared to the fourth quarter of 2004. Transax completed 2.8 million transactions during 2004 and projects to undertake more than 8 million transactions during 2005.
During the first quarter 2005 Transax installed 751 Point of Sale (POS) solutions into medical provider locations including 226 overlapping solutions where a single POS unit is used by multiple insurance companies for real time adjudication of medical claims. The company also successfully integrated over 100 work stations at the largest medical laboratory complex in Brazil which is currently generating "real time" adjudication transactions using the company's proprietary server solution for Brazil's largest health insurance company.
For the first quarter of 2005, Transax will report gross revenues in excess of US$700,000 an increase of more than 400% as compared to revenues reported for the same period in 2004.
Commenting on the preliminary results for the first quarter 2005, Stephen Walters President & CEO of Transax stated, "Since commencing our roll out plan, we have now recorded 9 quarters of positive transaction volume and revenue growth and we expect favorable growth rates to continue throughout 2005 as our roll out program gains momentum."
Walters further commented, "Results for March 2005 where we undertook in excess of 550,000 transactions are extremely encouraging and bode well for a further increased performance during the second quarter 2005. The addition of new business, especially the company's recently signed MOU to provide "real time" authorization and adjudication of medical claims in the USA should significantly enhance the company's performance during 2005."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 550,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
Business Wire; 3/2/2005
Search for more information on HighBeam Research for tnsx.
CORAL SPRINGS, Fla. -- Union Dental Holdings, Inc. (OTCBB:UDHI) announced today that following the signing of an Memorandum of Understanding with Transax International Limited (OTCBB:TNSX) as announced on December 2, 2004 Transax, in conjunction with Union Dental, has successfully developed and demonstrated a "real time" solution for authorization and adjudication of dental claims for the United States market.
The solution demonstrated by Transax in association with Union Dental and on behalf of the Communication Workers of America Union (CWA) will be developed in three stages. The Communications Workers of America members represent workers who are employed by BellSouth (NYSE:BLS); Qwest (NYSE:Q); AT&T (NYSE:T); Lucent (NYSE:LU); General Electric NYSE:GE); Verizon (NYSE:VZ); SBC Communications (NYSE:SBC), Avaya (NYSE:AV) and many other varied occupational fields such as public maintenance, food service, flight attendants and law enforcement.
The final stage is expected to lead to a Real Time Payment Option for Union Dental providers following the adjudication process.
Phase 1 of the project to be further developed over the next three months will comprise the following:
1. Processing of the business rules defined with UDC, in order to guarantee that error free claims are generated.
2. Real Time calculation of the proper co-pay, according to the existing and future schedules negotiated with CWA or other Unions.
3. Generation of the electronic claims files, to be submitted to the Insurer in "real-time" HIPAA transactions standards.
Dr. George D. Green, President and C.E.O. for Union Dental Holdings, Inc., stated: "The strategic alliance between Transax and UDC will provide an entry level control group for the development of healthcare reimbursement for the 21st century. The cost savings for the insurance industry while being able to increase insurance benefits will dictate the spread by necessity and desire to all aspects of healthcare reimbursement."
Dr. Green further commented: "I speak for all our member providers when I say how eager we are to participate in such a project and apply our knowledge and expertise of insured members benefits with providers reimbursement into a national healthcare reimbursement scheme. Transax will provide the technical backbone while we provide the practitioners and union insured or negotiated member groups. The system we hope to provide will become the industry standard for years to come. The benefit to the insurance industry will not only be less cost but improved relations with their insured."
Stephen Walters Transax President and CEO stated: "With operations now covering more than 25 states we intend to fast track development of the project in order that providers in the Union Dental network can benefit from the "real time" solution which will allow reduced administration costs and provide increased cash management facilities from the real time adjudication process.
Mr. Walters continued "Following the initial phase the Transax network processor is expected to undertake over 1 million transactions per month from Union Dental providers and this is expected to increase significantly as Union Dental expands their network throughout the United States".
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp. - Direct Dental Services and Union Dental Corp. provide dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America ("CWA") and International Brotherhood of Electrical Workers (IBEW) Dental Networks. Union Dental Corp. receives annual management fees from the dentists in exchange for practicing in these "areas of exclusivity" where CWA and IBEW members use the dentists' services. DDS/UDC has contracts with CWA & IBEW Local Unions to provide a dental network utilizing the members existing insurance policy. The dentists in the Dental Network provide services in the areas for union members, as well as existing patients in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full, with certain procedures requiring a small out-of-pocket co-payment from the union member patient. In addition, Union Dental Corp. acquired the assets of an existing dental practice (excluding the patient list) and manages the 17 year profitable dental practice. UDC and DDS are wholly owned subsidiaries of Union Dental Holdings, Inc.
PR Newswire; 3/2/2005
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to advise that the company has successfully developed and demonstrated a "real time" solution for authorization and adjudication of dental claims for Union Dental Corp. ("UDC") a wholly owned subsidiary of Union Dental Holdings Inc. (BULLETIN BOARD: UDHI) for the United States market.
The solution demonstrated by Transax in association with UDC and on behalf of the Communication Workers of America Union (CWA) will be developed in three phases. The Communications Workers of America Union represents workers who are employed by Bell South; Qwest; AT&T; Lucent; General Electric; Verizon; SBC Communications; Avaya and other varied occupational fields.
Phase 1 of the project to be further developed over the next three months and be operational by the third quarter 2005 will comprise the following:
(1) Processing of the business rules defined with UDC, in order to
guarantee that error free claims are generated.
(2) Real Time calculation of the proper co-pay, according to the
existing and future schedules negotiated with CWA or other Unions.
(3) Generation of the electronic claims files, to be submitted to the
Insurer in "real-time" HIPAA transactions standards.
The final stage of the project is expected to lead to a Real Time Payment Option for Union Dental providers following the adjudication process.
Stephen Walters, Transax President and CEO stated: "With operations now covering more than 25 states, we intend to fast track development of this project so that providers in the Union Dental network can benefit from the 'real time' solution which will allow reduced administration costs and provide increased cash management facilities from the real time adjudication process."
Mr. Walters continued, "Following the initial phase, the Transax network processor is expected to process over 1 million transactions per month from Union Dental providers and this is planned to increase significantly as Union Dental expands their network throughout the United States."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "online" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 450,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 2/8/2005
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to announce that it has processed and recorded record transaction volume for January 2005 completing 390,000 "real time" transactions. The volume for January 2005 represents a 30% increase from December 2004 transaction volume and a 170% increase from transaction volumes recorded in January 2004.
During the month of January 2005, Transax additionally completed a record number of POS ("Point of Sale") installations with 265 POS solutions being installed into medical provider locations including 152 overlapping POS solutions whereby a single POS unit is used by multiple insurers, thereby increasing the profitability of the unit. Transax plans to install a further 600 POS installations into medical provider locations prior to the end of the first quarter 2005.
During January 2005, Transax also processed and recorded 125,000 "real time" lab-server transactions compared with 35,000 transactions in January 2004. Transax expects its wholly-owned Brazilian subsidiary to have integrated all of the major medical laboratories in Brasil to collect "real time" transactions by end of third quarter 2005.
Stephen Walters, Chief Executive Officer and President of Transax commented, "These results represent the commencement of the companies redefined Business Plan for 2005 following roll out plan agreements with our clients. During 2004, Transax completed 2.8 million "real time" transactions and after the first 30 days of 2005, our annualized volume is already at 4.7 million transactions indicating the significant growth potential of the company's business during 2005."
Mr. Walters continued, "The high percentage of overlapping POS solutions to be installed throughout 2005 is expected to significantly impact the bottom line performance of the company and increase the net revenue received per transaction by the company."
Transax expects to achieve favorable sequential quarterly double digit revenue growth during 2005. Volumes are expected to increase from approximately 400,000 "real time" transactions per month at the end of January 2005 to over 1 million "real time" transactions per month by December 2005 based on currently signed contracts only. The addition of the company's potential USA business is expected to significantly increase transaction volume and revenues in the second half of 2005.
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 400,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 1/25/2005
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to provide the following business update and preliminary guidance for 2005 in light of recent roll out plans agreed with its clients.
During 2004, Transax processed 2.8 million "real time" transactions and installed 2,500 solutions into medical provider locations, including over 950 POS ("point of sale") solutions. At the end of 2004, Transax had over 3,550 solutions installed nationwide in Brazil. During 2004, transaction volume increased 180% and revenues increased approximately 300%.
Transax undertook a number of revenue generating initiatives during 2004, including the commencement of overlapping POS installations where a single POS unit can be used to undertake "real time" transactions for multiple clients, thereby increasing net revenue. A redesign of the Company's IVR ("interactive voice response") solution will significantly reduce costs throughout 2005. At the end of 2004, Transax had installed 250 overlapping POS solutions and 2,250 IVR solutions.
For the year ended December 31, 2005, Transax expects to more than double the amount of solutions installed in 2004 and under current roll out plans, will install over 5,000 solutions including approximately 2,500 POS units. During the first 20 days of January 2005 alone, Transax has installed over 160 POS solutions into medical provider locations throughout Brazil.
Transax expects to achieve favorable sequential quarterly double digit revenue growth during 2005. Volumes are expected to increase from approximately 350,000 "real time" transactions per month at the end of 2004 to over 1 million "real time" transactions per month by December 2005, based on currently signed contracts only. The addition of the Company's USA business is expected to significantly increase transaction volume and revenues in the second half of 2005.
Stephen Walters, Chief Executive Officer and President of Transax, commented: "We have concluded very successful 2005 planning meetings with our clients and expect to significantly increase our volume of installations throughout the year to meet the demand for our industry leading solutions. The high percentage of overlapping POS solutions to be installed in 2005 is expected to significantly increase our net transaction revenues while reducing net transaction costs."
Mr. Walters continued: "We continue to make progress with our goal of introducing our product solutions to the U.S. marketplace. We are currently in discussions with one of the largest insurance carrier in the United States."
During December 2004, Transax announced the signing of a MOU ("Memorandum of Understanding") with Union Dental of Florida for the introduction of "real time" authorization and adjudication of dental transactions in the United States. Pilot development of this solution is in progress and is expected to be completed by the end of the first quarter 2005. Subject to concluding contract negotiations, Transax expects to have the solution operational by the third quarter 2005.
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 400,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 1/10/2005
-- 2004 Revenues Increase 300%
-- Fourth Quarter Revenues increase to over US $400,000
-- 8th Consecutive Quarter of Positive Transaction Volume and Revenue Growth
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to report that it has recorded record transaction volume for the fourth quarter 2004 and calendar year 2004. Transax also reported that representatives for the company continue to see shifts in industry protocols towards the company's business model while volume increases in all product lines continue to be very strong.
During the fourth quarter 2004, Transax completed 941,963 "real time" transactions, a 180% increase compared with the same period in 2003. The fourth quarter 2004 transaction volume represents a 16% increase as compared to the third quarter of 2004. Transax completed 2.8 million transactions during 2004, a 164% increase compared with 1.1 million transactions recorded for 2003.
For the fourth quarter of 2004, Transax will report gross revenues in excess of US $400,000. Revenues for the 12 months ended December 31, 2004 are estimated at US $1.3 million, a 300% increase as compared to revenues reported for 2003.
Commenting on the preliminary results for the fourth quarter 2004 and annual results for 2004, Stephen Walters, President & CEO of Transax, stated: "Since commencing our roll out plan, we have recorded 8 quarters of positive transaction volume and revenue growth and we expect favorable growth rates to continue throughout 2005 as our roll out program gains momentum."
Walters further commented: "The addition of new business, especially the company's recently signed MOU to provide "real time" authorization and adjudication of medical claims in the USA should significantly enhance the company's performance during 2005. Transax has contracts in Brazil with two of the largest three health insurance companies including the largest private health insurer in South America who realize the many benefits of undertaking "real time" authorization and adjudication of medical claims and are saving a significant amount in administrative costs and claims processing."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 350,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 12/21/2004
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to announce that effective immediately, it will begin to market to the Brazil Healthcare Insurance Industry a new platform for the "real time" authorization and adjudication of serial therapy and dental transactions.
Using the Serial Therapy control function, insurance providers will have the ability to authorize and adjudicate quantities of all types of therapy sessions according to the prescribing doctor's request as well as authorizing technical aspects such as number of sessions allowed per therapy request. This process saves major costs of processing therapy claims within insurance providers, while providing carriers with the ability to decline unauthorized services in addition to providing control over the real number of therapy sessions provided.
Transax is the first company to offer "real time" adjudication of dental procedures based on specific business rules as defined by the individual patient plan as well as the technical rules defined by the procedure itself. The system developed by the company stores and updates a "map" of the dental condition for each patient within its authorizer. The system maintains a set of codes identifying the services to be provided and the region of where that service is performed. The system analyses the request for dental service versus the existing dental condition while mapping and processing the business and technical rules in "real time" to provide authorization of the service to be provided.
TDS -- Transax's wholly-owned operating subsidiary is the market leader in Brazil currently offers some 7000 medical procedures for "real time" authorization and adjudication of healthcare claims and its dental function is expected to increase this number significantly.
Stephen Walters, President and Chief Executive Officer of Transax, said: "This new product is another very valuable addition to our industry-leading suite of products. As we just recently announced, we are planning to introduce our suite of products into the U.S. market. We remain very optimistic about the future of Transax."
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 350,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 12/2/2004
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to announce that it has entered into a Strategic Alliance and signed a Memorandum of Understanding "MOU" with Union Dental Corp. of Coral Springs, Florida, to provide "real time" authorization and adjudication of dental claims to the members and dependants of Communications Workers of America (CWA).
Under the MOU, Transax will develop a pilot solution to be installed at a number of Union Dental Corp affiliated dental offices throughout the United States which will offer "real time" and "on line" authorization and adjudication of dental claims to some of the major insurance companies in the USA associated with Union Dental Corp.
Stephen Walters, Transax's President and CEO, stated: "We are delighted to enter into this arrangement with Union Dental Corp. and expand our business to the USA market. Our 'on line' solution for claim adjudication has proven to significantly reduce claims administration, reduce fraudulent claims and increase overall efficiency for insurer and medical provider. We expect such savings will help reduce the cost of dental insurance to Union Dental Corp members and significantly decrease the cost of claim administration".
Dr. George D. Green, President and C.E.O. for Union Dental Corp., stated: "We are very pleased to have created a 'Strategic Alliance' with Transax International because the implementation of Real Time Adjudication with insurance carriers for payment of procedures performed on patients would eliminate a very time consuming and expensive process after the treatment of the patient has been completed."
About Union Dental Corp. Based in Coral Springs, Florida, Union Dental Corp develops "areas of exclusivity" for dentists participating in the Communications Workers of America (CWA) Dental Networks and from operation of an existing 17 year dental practice. The dentists in the network provide dental services in the exclusive areas for union members, as well as existing patients. The network of dentists accepts payment from union dental plans for services rendered as payment in full, with certain procedures requiring a small out-of-pocket co-payment from the union member patient.
Web Site: http://www.uniondental.com/ E-mail: info@uniondentalcorp.com
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About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 350,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 11/15/2004
Gross Transaction Revenues Increase 286% Over 3rd Quarter 2003
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) announces its financial results for the three and nine months periods ended September 30th 2004.
Gross revenues for the quarter from transaction fees were USD 375,900 (USD 322,400 net of sales taxes) compared to gross revenues of USD 97,400 (USD 88,000 net of sales taxes) for the third quarter of 2003. Net loss for the quarter decreased to USD 557,200 or $0.03 per share, compared to USD 695,400 or $0.05 per share for the comparable 2003 period.
During the nine-month period ended September 30th 2004, gross revenues increased to USD 899,000 (USD 772,600 net of sales taxes), a 306% increase with the comparable period in 2003. Net loss for the nine-month period ended September 30, 2004 was USD 1,101,500 or $0.07 per share, a 36% decrease from the USD 1,733,800 loss (or $0.14 loss per share) in 2003. The decease in net loss is primarily due to the increase in revenues throughout the period.
Stephen Walters, Transax's President and CEO, stated: "These results follow on from the previous quarter. Our operations are turning into an excellent performance, boosted by favorable contract negotiations with our clients. Operating costs for the year remain at the same level as 2003 since the increase in investor relations expenditures has been offset by a reduction in direct operating costs, while we were able to increase our revenues by 306% in the first nine months of 2004 compared to the same period in 2003."
Walters further commented: "We are pleased with the growth in transaction volumes and revenues since commencing our Roll Out plan, and can expect favorable growth rates to continue over the coming eighteen months as we continue to install solutions to existing clients and look forward to expand our business internationally."
(Photo: http://www.newscom.com/cgi-bin/prnh/20041115/NYM088)
The information contained in this press release should be read in connection with the Company's Quarterly Report filed on Form 10-QSB for the quarter ended September 30, 2004 and its Annual Report filed on Form 10-KSB for the year ended December 31, 2003.
About Transax International Limited: Transax is provider of network solutions for healthcare providers and health insurance companies. Its solution enables the "real-time" automation of routine patient eligibility verifications, authorization, claim adjudication, claims processing and payment functions. The "on line" technology has been proven to significantly decrease health insurance claim expenditure. Transax "Total Connectivity" solution operates in "real time" regardless of location or method of claim generation. Transax currently undertakes approximately 325,000 transactions per month and has contracts in place with major health insurers for in excess of 2,500,000 transactions per month.
PR Newswire; 11/3/2004
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) announced today that it has entered into US$5 million financial arrangement with Cornell Capital Partners, L.P. Under the terms of the funding arrangement with Cornell Capital, Transax has secured a US$250,000 bridge loan and Standby Equity facility for a further US$5 million. The Standby Equity Distribution Agreement commits Cornell Capital to provide up to US$5 million of funding to Transax over a 24-month period. There are no minimum draw downs in the agreement.
Stephen Walters, President & CEO of Transax, said: "This agreement with Cornell Capital will allow the Company to raise equity capital at appropriate times in accordance with the Company's expansion plans. Transax is receiving a number of inquiries for its product from many parts of the world and this financial arrangement will allow us to proactively capitalize on these opportunities as well as further develop our current business in Latin America, review acquisition opportunities and undertake our planned expansion to the USA market during 2005."
The financing arrangement with Cornell Capital does not restrict Transax from securing other sources of debt and equity financing.
Craig Engler, Vice President at Cornell Capital Partners, L.P., stated: "We are impressed with the substantial growth Transax has achieved in 2004 and look forward to working with the Company's management team. We are pleased to be able to assist the Company with ongoing financial needs as Transax expands into other markets. We look forward to a long-term relationship with Transax."
About Cornell Capital Partners, L.P.
Based in Jersey City, NJ, Cornell Capital Partners, L.P. began operations in January 2001 to address the financing needs of publicly traded companies. Since then, Cornell Capital has successfully financed numerous public companies.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time". MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in "real time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 300,000 transactions per
PR Newswire; 10/28/2004
Transax International Limited ("Transax") (BULLETIN BOARD: TNSX) is pleased to advise it has continued installation of its "MedLink" solution into the majority of the major medical laboratories in Brazil which are now generating some 85,000 "real time" transactions per month.
Current installation plans following recent agreements with its medical insurer clients indicates the company will double its transaction volume to about 170,000 laboratory transactions per month following the integration of its proprietary "MedLink" solution to additional medical laboratories over the next three to four months.
Transax "MedLink" Lab / Server solution allows a medical laboratory to be fully integrated to the companies authorizer thereby enabling medical laboratories to undertake real time eligibility, authorization and adjudication of medical claims in a paperless environment offering significant savings in administration for both medical provider and medical insurer.
Americo de Castro President of Transax operating subsidiary in Brazil stated, "Our lab-server solution is the leader in the market of seamlessly integrating medical laboratory health insurance claims for "real time" authorization and adjudication." De Castro further stated, "On an annual basis we have increased our transaction volume to about 1 million claims annually from the medical laboratory environment and with these recent agreements we plan will double this transaction volume to 2 million transactions annually following the integration of a further 10 laboratories to the MedLink network."
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time". MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in "real time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 300,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.
PR Newswire; 10/12/2004
IRVINE, Calif., Oct. 12 /PRNewswire/ -- Transax International Limited ("Transax") (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) has reported today through an 8K fling to the Securities and Exchange Commission that it has achieved a 38% increase in transaction volume during the third quarter 2004 compared with the second quarter of 2004 and will record third quarter revenues in excess of USD360,000. For the months of August 2004 and September 2004 alone, Transax has recorded revenues of approximately USD250,000 and its operations in Brazil have reached the break-even point.
Commenting on the preliminary results for the third quarter of 2004, Stephen Walters, President & CEO, stated: "Since commencing our roll-out program, we have experienced seven consecutive quarters of transaction volume and revenue growth. Moreover, our results for the third quarter 2004, and especially the 38% transaction volume increase over the June 2004 quarter is a credit to our operations staff." Walters continued: "With favorable contract negotiations with our clients and the continued rollout of our solutions to healthcare providers, our operations in Brazil have achieved the break-even point, recording USD250,000 in revenues during the last 60 days, as we look forward to the continued roll-out of our solutions until we reach profitability."
Transax is currently in discussions with its clients on roll-out strategy for 2005, and expects to achieve double digit sequential revenue quarterly growth for the remainder of 2004 and beyond into 2005.
Based on the success of its "real time" solution in South America's largest market and its recurring revenue model, Transax plans a major expansion for 2005 into the North American market where it has received interest from a number of medical providers, medical professionals and payers to participate in a pilot scheme providing an "on line and real time" solution for authorization and adjudication of healthcare claims for the USA market. Transax is currently in discussions with a major USA based technology consulting group regarding changes required in its solution to become HIPPA compliant for the USA market.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time." MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in "real time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 300,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.
PR Newswire; 9/23/2004
Transax International Limited ("Transax") (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) is pleased to announce that it has signed a new two year contract with Golden Cross Insurance for the provision of real time health claim eligibility, authorization and adjudication transactions using its proprietary "Medlink Solution".
Golden Cross Insurance is Brazil's third largest health insurance company with over 600,000 lives insured. Transax wholly-owned subsidiary in Brazil, TDS-Telecommunication Data Systems Ltda. has already installed over 2500 "real time" solutions for Golden Cross Insurance into medical providers locations inclusive of over 500 Point of Sales (POS) terminals and integration of some of the largest medical laboratories in Brazil. These solutions are currently generating approximately 200,000 "real time" health claim eligibility, authorization and adjudication transactions a month for Transax.
Stephen Walters, President & CEO of Transax stated, "We are delighted to be able to renew our relationship with Golden Cross, one of Brazil's major health insurers who have seen a major benefit in reduced healthcare administration costs including claim analysis and call centre costs since using our solution. Our team in Brazil will be aggressively pursuing a roll out strategy for installation of new solutions into medical providers over the next six to nine months in order to maximize transaction volumes."
When fully rolled out Transax expects to undertake approximately 480,000 transactions per month for Golden Cross valuing the contract at about USD5million in transaction revenues and have in place in excess of 7000 "real time" solutions in medical provider locations.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time". MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in "real time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 300,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.