Today's press release:
"Dec. 14, 2009 (Business Wire) -- Emerging Healthcare Solutions, Inc. (PinkSheets: EHSI) took another strong step forward today with its announcement of a licensing agreement with Telemedicus, Inc. Telemedicus owns a proprietary medical communications technology that provides a resource that could be of strategic importance under the new $1 Trillion health-care bill making its way through congress. "
Unfortunately, the Telemedicine technology apparently being acquired from it's sister company, NWND (f/k/a Telemedicus, TMDI.pk, which is also run by EHSI's CEO, Kathleen Delaney), has not proven to be a developed technology. In fact, the licensing agreement TMDI had with the University of Texas had expired the end of 2008 after TMDI welched on making ANY payments towards its initial $70k license fee (renegotiated from not paying the fee in 2007 either) for a technology that was never brought to fruition! In fact, the 2009 licensing fee of another $70k appears to be due by the end of this year, and subsequent annual $100k licensing amounts appear to be in question. Here is more specifics from the NWND financials:
"Those grants [for the technology] have recently expired [2008] and we are seeking a buyer who has the necessary resources to bring this technology to fruition".
So in a nut shell, Delaney is transferring the unlicensed and undeveloped product from NWND over to EHSI - with no one and no cash to develop the potential resource, and no indication that they intend to honor any of the licensing agreements.
Furthermore....the technology is still subject to pending litigation:
"On May 31, 2007, Emtel, Inc. filed a lawsuit against us (Emtel, Inc. v. Lipid Labs, Inc., Specialists on Call, Inc., Tele-med Dox, LLC DBA Telemeddox, Inc., and Doctors Telehealth Network, Inc.) in the United States District Court for the Southern District of Texas Houston division, filed May 31, 2007, Case 4:07-cv-01798. The lawsuit claims that the Telemedicus technology infringes upon a patent held by EMTEL. Company counsel feels that we will prevail upon the merits of the case and that the lawsuit will not materially affect the execution of our business plan."
