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.
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