NEW ROCHELLE, N.Y. -- OCG Technology, Inc. (BULLETIN BOARD: OCGT) today announced that it has terminated merger talks with NetImpact Holdings, Inc., . In lieu of the merger, OCGT has agreed to NTHD's request for OCGT to provide software implementation and enhancement services, licenses for use of OCGT software, staffing and training for personnel in selected countries where needed to supplement NTHD's technology for a major multi-year international healthcare information management program. NTHD's program revenue is projected to exceed $50,000,000 annually.
On November 8 the companies announced that they had entered into a letter of intent for OCGT to acquire NTHD in an exchange of stock. Subsequently, the companies agreed that the time and effort required by both companies to prepare for the international healthcare project did not allow sufficient time to devote to the merger. Therefore, merger talks have been terminated.
"The interests of our shareholders are best served by terminating the merger talks and continuing and expanding our business relationship with NetImpact," stated Edward C. Levine, President of OCGT. "The potential revenues for OCGT from this multi-year program should make OCGT a very profitable company," added Levine.
OCGT's unique technology, the PrimeCare(TM) Patient Management System ("PrimeCare(TM) System"), acquires medical information and data at the point of origin from the patient, physician, and/or staff and analyzes that data in real time while creating an extensive database for outcomes studies.
OCGT and its wholly owned subsidiary, PrimeCare Systems, Inc. ("PSI") developed, own, maintain, update, expand and market the PrimeCare(TM) System and several related Internet sites that use various sections of the PrimeCare(TM) System: http://www.primecareontheweb.com/, http://www.yourowndoctor.com/ and http://www.yourownhealth.com/.
NTHD's technology comprises a suite of healthcare-oriented analytical modules that can operate independently or as an integrated data warehouse with comprehensive decision support capabilities. The suite focuses on patient, provider, outcomes, diagnosis, treatment, and financial data.
"Safe Harbor" Statement:
The statements that are not historical facts contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and OCGT intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements include predictions, estimates and other statements that involve a number of risks and uncertainties any, or all, of which could cause actual results to differ materially from any future performance suggested herein. While this outlook represents OCGT's current judgment on the future direction of the business, such risks and uncertainties may individually, or mutually, impact the matters herein described, including but not limited to product acceptance, economic, competitive, governmental, results of litigation, technological and/or other factors, which are outside the control of OCGT as well as those risks and uncertainties detailed in the Company's Security and Exchange Commission filings.
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Contact: Jeffrey P. Nelson, Executive Vice President of OCG Technology, Inc., +1-914-576-8464, ext. 21, jnelson@pcare.com; James L. Tolley, Executive Vice President of NetImpact Holdings. Inc., +1-941-346-3400, jltolley@home.com
Website: http://www.ocgt.com/ http://www.pcare.com/ http://www.netmpact.com/ http://www.yourownhealth.com/ http://www.yourowndoctor.com/ http://www.primecareontheweb.com/
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