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MediSwipe Inc. Completes Due Diligence Period and Announces Decision to Sign Definitive Agreement With ReachMeDaily.com
9:55 AM ET 3/1/12 | GlobeNewswire
MediSwipe Inc. (www.MediSwipe.com) (OTCBB:MWIP.OB), a merchant payment solutions and financial products company for the medical health care industry, today announced that the Company has completed the due diligence period and has decided to move forward with the signing of the Definitive Agreement with ReachMeDaily.com.
The Company initially announced the Letter of Intent with ReachMe Daily.com, (www.ReachMeDaily.com) the Florida based social media and HIPAA compliant platform which connects families with seniors residing in nursing homes and assisted living facilities on February 2, 2012. Through the ReachMeDaily agreement, MediSwipe will own the proprietary assets as a wholly owned subsidiary, and market the proprietary HIPAA compliant, private social media platform as a white label solution to nursing homes, hospitals and medical practices for the fastest growing segment of social media for people aged 50 and older. While Twitter, Foursquare and Facebook may be grabbing most of the social media headlines of the moment, alternatively, only old forms of social media like wikis continue to play a major role in online healthcare communities. The Definitive Agreement is expected to be signed by the month's end.
"From the moment we first identified this opportunity it was clearly an ideal fit with our goal of expanding into vertical markets within the healthcare sector. We would also like to inform our shareholders that we have completed the two year audit for our 800 Commerce division and expect to complete the S-1 filing initiating the spin-off of the division this month as well. We have several announcements forthcoming for the 800 Commerce division, and look forward to a well received response by our investors and existing shareholders," stated B. Michael Friedman, CEO, MediSwipe Inc.
DEFINITIVE AGREEMENT DETAILS
The Definitive Agreement outlines the incremental transfer of common stock which will carry current and appropriate legends in accordance with U.S. Securities laws. The Definitive Agreement also outlines cash commitments over the first year for initial and secondary project work in the approximate amount of $250,000 to complete further software development of the ReachMeDaily platform. Further details will be released within the Company's 8K once the definitive agreement is signed.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) offers a full spectrum of secure and reliable transaction processing and security solutions for the medical and healthcare industries, using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) payment solutions. The Company now also offers digitized personal health records in conjunction with Industry Alliance Partners. MediSwipe offers reliable merchant payment solutions and closed loop pre-paid stored value and loyalty cards as a unique cash alternative to these regulated and e-commerce businesses specializing within the healthcare sector.
About Reach Me Daily
Reach Me Daily (www.ReachMeDaily.com) brings social networking to families, seniors and residential centers. Nursing homes and assisted living facilities can now offer family members a way to stay connected with their loved one using social media. The Company has developed a HIPAA compliant, closed looped and secure application that can be private labeled to healthcare facilities worldwide.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: MediSwipe Inc.
CONTACT: MediSwipe Inc.
Investor Relations:
615.252.4099
info@MediSwipe
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