News out !!
Petel Inc. secures $3m for Medify Solustions Ltd
Monday, 10 September 2007
Petel Incorporated secures $3,000,000 for Sale of Medify Solutions Limited
The Board of Petel Incorporated today confirms the completion of the sale of UK subsidiary Medify Solutions Limited. Under the terms of the agreement Petel Inc will retain a 20% shareholding in the new entity. The new owners of Medify Solutions Limited will make an announcement to the markets by the end of September 2007.
Whilst recognising the significant potential offered by the Medify Solutions product, it is the view of the Board of Petel Inc that the Company and its shareholders are best served by focusing resources on the continued development and expansion of Petel Inc core brands, with particular focus on SexQube.TV.
The retention of 20% shareholding in the new entity, valued at $3,000,000.00, provides a valuable balance sheet asset and a further source of income for the Company, with no negative effect on PTEL.pk shareholder value. There is no restriction on the terms of the Company liquidating its holding.
Medify Solutions Limited designs and supplies software for mobile access to patient notes. Despite reports from Ian O’Reilly, former CEO of Medify Solutions that the Medify Solutions Limited was no longer viable, a newly recruited management team has revitalised the prospects of the Company.
Andrew Hawkins, VP Sales and Marketing - part of the new Medify Solutions management, has confirmed that Medify Solutions Limited has ongoing partnerships with TPP (The Phoenix Partnership), EMIS (Egton Medical Information Systems) and Vodafone.
The new management have also focused on the final development of the Medify Remote and SystmOne Remote products. The Company anticipates launching both products in October 2007.
Hawkins has invested time in communicating with all past and present customers, and more significantly with PCTs (Primary Care Trust) who have expressed interest in the product. These communications have confirmed there is a strong demand for both the Medify Remote and SystmOne Remote products within the UK National Health Service (NHS).
Petel Inc CEO David Morton comments “It is great news to be finally able to announce the sale of Medify Solutions Limited. We know our shareholders have been anxious to gain information regarding the sale. We are pleased that through the sale we have been able to provide an additional income stream, allowing us to fund ongoing operation with no negative impact on shareholder value”.
