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The Company's products and services consist at the present time of its Player Record Library System, its event management services, and its Ultrasound rental program. Each of these is described below.
PLAYER RECORD LIBRARY SYSTEM ("PRLS")
The proprietary Player Record Library System, ("PRLS") PRLS is an electronic medical record and work flow process software application designed to address the highly specialized information technology needs of the sports industry relating to player health. PRLS gathers images electronically, organizes them, hosts them, and distributes them to authorized end users. It is designed to deliver vital player medical information at the point of need. It helps teams comply with the requirements of the Health Insurance Portability and Accountability Act ("HIPAA"). The name Player Record Library System is the creation of Rasheed and Associates and was marketed under that name for approximately 18 months prior to the formation of NuWay Sports, LLC. This name and its use was contributed to NuWay Sports by Rasheed and Associates at the inception of NuWay Sports LLC.
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Competitive athletes require health management and training on a continual basis throughout their career and NuWay's PRLS helps owners, players, trainers, coaches, physicians, insurance companies, agents, attorneys and business managers monitor and manage the player's health for maximum performance.
With PRLS, player medical data and images (x-rays, CT scans, MRIs, sonograms, etc.) can be electronically acquired, and archived in a digital format with enough resolution to allow for medical diagnostics. The database of scanned images and associated data is encoded, encrypted and password protected. The records are accessible over a private network or the Internet, and can be displayed, analyzed, and interpreted by team doctors and other authorized officials. The system provides a complete audit trail of keystrokes and a detailed workflow process for all users.
The PRLS system incorporates "MedCast" technology licensed from Med Wireless, Inc. MedCast enables the acquisition, delivery and storage of ultrasound, MRI, X-RAY and CAT Scan images over a secure wireless or broadband connection, assuring the highest quality and broadest availability of this medical information. Med Wireless' proprietary compression algorithms allowed for real-time transmission of "diagnostic quality" medical images over the Internet to be viewed online in real time.
At the core of the MedCast solution is a cluster of powerful database servers running the Sybase relational database. These "DICOM-compliant" PACs servers are designed to maintain data integrity and ensure secure communication utilizing industry-standard 128-bit encryption. 100 percent fault tolerant servers are an integral part of the MedCast solution. High availability is achieved by use of "fail over" clusters, in which resources can automatically move between several nodes in the event of a failure. Scalability is achieved by balancing the load of an application across several servers.
The MedCast software solution consists of 3 key modules: Acquisition, Communication and Access. The Acquisition Module is responsible for interfacing with industry standard DICOM-compatible medical devices for the purpose of acquiring medical image data and passing it on to a Communications Module. The latter module is responsible for Compression, Encryption and Secure Transfer of acquired medical data to our secure data storage facility. The Access module allows authorized healthcare personnel to seamlessly access stored medical data over the Internet. The ccess module utilizes Secure Socket Layers and 128-bit encryption to ensure security of the sensitive medical data transmitted over the Internet.
With a few modifications, MedCast's unique communication and compression technologies, and high-availability server clusters formed the robust backbone of PRLS. With these key technology elements in place, NuWay Sports was able to focus its resources on developing the front-end and user interface for PRLS.
The basic PRLS software application will be sold on a license basis. Each license sold will also have an annual maintenance fee at an amount equal to 20 percent to 30 percent of the initial cost of the application.
THE OPPORTUNITY
The PRLS system helps reduce liability cost at both the team and league level by providing athletic trainers and their medical staff detailed information at the point of treatment. In the last year, for example, teams, leagues and university athletic departments have faced litigation brought by athletes (or their families) totaling more than $600 million (notable examples include suits brought by the families of Rashidi Wheeler of Northwestern University and Korey Stringer of the NFL Minnesota Vikings).
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TARGET MARKET FOR PRLS
We intend to sell a menu of sports related products and services through our subsidiary, NuWay Sports with an emphasis on our Player Record Library System, ("PRLS").
NuWay Sports is actively marketing the PRLS system throughout the professional and collegiate sports industry. The initial response has been encouraging. The flexibility of the core technology was demonstrated by the Company's rapid and successful implementation of a scaled down version of the PRLS product for the 2003 NFL Combine, which took place in Indianapolis, Indiana the week of February 17, 2003. The Company is promoting its full scale PRLS product to other NFL teams, the NFL League, and NFL Players Association. PRLS will also be marketed to other teams, leagues, and player associations such as the National Basketball Association (NBA), Major League Baseball (MLB), and other sports including hockey, soccer, boxing, motor sports, and entertainment sports. PRLS can benefit not only men's and women's professional sports, but also collegiate programs and in some cases, high school athletics.
Professional sports in the United States includes 32 NFL Teams, 30 NBA Teams, 30 NHL Teams, 30 MLB Teams, 12 MLS Teams, 8 WUSA Teams, 19 AFL Teams, 16 WNBA Teams, 115 Division 1A Athletic Departments, 50 CONCACAF International Club Soccer Teams, 250 collegiate Division 1AA Athletic Departments, 40,000 high-schools, and players' unions for each of the professional sports leagues. PRLS is also suited to boxing, extreme sports, entertainment sports and motor sports.
SALES AND IMPLEMENTATION
Rasheed and Associates, managed by Kenyon Rasheed, leads the sales effort on behalf of NuWay Sports. Rasheed and Associates' sales force is comprised of an extensive network of former professional and collegiate athletes who have the contacts and relationships to reach out to most of the major sporting organizations in the United States and to expand that reach worldwide. NuWay Medical is funding the development of NuWay Sports' products and is providing additional management support.
2003 NFL COMBINE
NuWay Sports was invited to participate in the 2003 NFL Combine held the week of February 17, 2003, in Indianapolis Indiana. The "NFL Combine" is an annual event held by the NFL to evaluate the top collegiate prospects available for selection in the upcoming NFL draft. These NFL prospects are put through intensive physical, mental, athletic and medical evaluations by coaches, trainers and doctors for the benefit of NFL owners, trainers and team physicians. The teams use this information in evaluating which athletes to draft with their valuable and limited draft choices.
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NuWay Sports contracted with the NFL Combine to implement a scaled down version of its PRLS system to digitally store the medical records created at the 2003 NFL Combine. After the Combine was completed, the Company was given access to the approximately 60,000 medical images taken of the draft prospects and we converted those images to a digital format and implemented a proprietary system for use by the NFL teams. The Company sold access to these images to 18 of 32 NFL teams and acted on this business opportunity in less than 30 days. Additionally, NuWay Sports trained each team on the system and was able to provide a real time demonstration for each NFL team under contract.
SPORTS EVENT MANAGEMENT SERVICES
In addition to PRLS, NuWay Sports offers its clients sports industry related events and promotion services, product and services marketing and sales and distribution services. A recent example of the Company's involvement in sports event management is the Texas Sports Combine.
TEXAS SPORTS COMBINE
The Texas Sports Combine was held on May 17, 2003 on the campus of Houston's Reliant Park. Approximately 6,000 high school athletes from the greater Houston Metropolitan area were registered to attend. The Combine is an event where physicians from the Baylor Sports Medicine Institute in partnership with physical therapists from The Institute of Rehabilitation Research (TIRR) provide thorough physical exams for the high school athletes attending, as required for their participation in athletics. The player participants also enjoy a variety of entertaining activities and interesting exhibitions. NuWay was asked to assist in the event as a co-event coordinator to help bring current and retired professional athletes to interact with the high school students and their parents as well as facilitate informal discussions on recruiting, sports specific training, life as a student athlete or professional athlete, etc. We assisted in securing corporate participation to help underwrite the costs of the event for this year and future events. We will work with Baylor Sports Medicine Institute to create a PRLS library of the reports generated for each athlete attending the event.
ULTRASOUND AND MED WIRELESS RELATED ASSETS
Included in the license from Med Wireless, Inc. were relationships developed by Med Wireless for the distribution of ultrasound machines used primarily by obstetricians. The Company developed a sale and leaseback program and made a public announcement by press release on January 7, 2003, that it received over $7 million in orders that were contingent on obtaining financing for the equipment. The sale and leaseback program was designed to provide inventory financing for the Company. Under this plan, the Company would sell ultrasound machines to third parties who would then in turn lease back the equipment to the Company. The Company then would rent the machines to medical providers at a premium to its cost. The $7 million in orders were comprised of 33 separate orders by third parties for machines at a cost of $224,178 per machine. However, as disclosed in the press release, financing was necessary to complete the sales. The Company also indicated that with financing in place it expected to be able to generate more than $20 million in sales during the first quarter of 2003. This expectation was based on the speed in which we obtained the orders and management's discussions with finance brokers regarding the Company's ability to obtain financing for these orders. Since that announcement the Company spent considerable effort to obtain financing for these orders, including the retention of multiple finance brokers. However, despite these best efforts, the Company has yet to obtain financing for this equipment. The principal reason these orders have not been financed successfully is the Company's lack of credit worthiness. However, the business opportunity related to the ultrasound lease program remains viable and management intends to continue to review financing options and business opportunities related to the ultrasound business when the Company has sufficient credit resources to qualify as a borrower as well as evaluate its practical execution in light of all other business developments in the Company at the time it is financially feasible.
THE MARKET
The Company's intellectual property and core technology has practical applications and business opportunities in multiple industries. The Company has demonstrated its ability to rapidly take advantage of these opportunities through its successful execution of NuWay Sports' PRLS product offering to service the 2003 NFL Combine.
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NuWay Sports is actively marketing the PRLS system throughout the professional and collegiate sports industry. The initial response has been encouraging. In addition to its success at the NFL Combine (discussed above) it is promoting its service to other NFL teams, the NFL League, and NFL Players Association. PRLS will also be marketed to teams, leagues, and player associations in the National Basketball Association (NBA), Major League Baseball (MLB), and other sports such as hockey, soccer, boxing, motor sports, and entertainment sports. PRLS can benefit not only professional sports, but also collegiate programs and in some cases, high school athletics.
Professional sports in the United States includes 32 NFL Teams, 30 NBA Teams, 30 NHL Teams, 30 MLB Teams, 12 MLS Teams, 8 WUSA Teams, 19 AFL Teams, 16 WNBA Teams, 115 Division 1A Athletic Departments, 50 CONCACAF International Club Soccer Teams, 250 Division 1AA Athletic Departments, 40,000 high-schools, and Player's Unions for each the Professional Sports Leagues. PRLS is also suited to boxing, extreme sports, and entertainment and motor sports.
OTHER OPPORTUNITIES
The core technology, which comprises database management, communications systems integration, user interface design and integration, web design, and e-commerce solution capabilities, has practical applications that create business opportunities in multiple industries. For example, the same advanced compression technology that enables MedCast transmissions also enables us to offer hospitals an inexpensive storage solution to meet federal mandates for maintaining archival copies of diagnostic images. In addition to handling diagnostic imagery recorded through MedCast, our data storage service is designed to provide secure, off-site back up of a myriad of other medical records.
The Company intends to offer these applications and service capabilities to other companies on a contract basis. In addition to sports medicine and broader medical applications, there are numerous other potential vertical markets for the core technology. Some examples include:
1. Department of Defense
2. Human Resources
3. Employers with High Physical Wellness Requirements (examples)
a. Law Enforcement
b. Emergency Personnel
c. Public Transportation Services
4. Health/Life Insurance Underwriting
NuWay Sports has an extensive network of relationships in the sports industry. The Company is able to tap a worldwide network of former professional athletes and related professionals to assist in the deployment of products and services. In addition to PRLS, NuWay Sports offers its clients sports event management and promotion services, product and services marketing, sales and distribution services.
The Company intends to pursue these opportunities as they materialize. The Company also intends to acquire companies to take advantage of economies of scale and vertical market opportunities as well as pursue similar business opportunities like NuWay Sports.
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