DALLAS, Feb. 21 Claimsnet.com(OTC Bulletin Board: CLAI), a leading provider of electronic transactionservices to the Healthcare industry, announced today that it has acquiredsubstantially all the assets of Acceptius, Inc. ("Acceptius"), also located inDallas, Texas. The asset purchase agreement was signed on February 20, 2008.Pursuant to the asset purchase agreement, Claimsnet paid Acceptius the sum of$25,000 in cash and issued 1,700,000 restricted shares of Claimsnet's commonstock, par value $0.01 per share. Claimsnet will pay Acceptius an additional$5,000 within the next six months. Claimsnet anticipates that the transactionwill add approximately 35% to their revenue by adding paper conversion andclaims repricing to Claimsnet's transaction processing suite of services forthe healthcare industry. Claimsnet also anticipates that the acquisition willextend Claimsnet's claims processing capabilities allowing a more completeservice offering and continuing increase of the company's client base.
"We believe this is a major step forward for our company and that thesynergies from this acquisition will boost the prospects of both the top linesales and the bottom line operating profit of our business. We expect that wewill continue to scale that growth, both by organic expansion of our clientbase and further pursuit of strategic acquisition opportunities," said DonCrosbie, chief executive officer of Claimsnet.
About Claimsnet.com -- Claimsnet is a leading provider of electronictransaction services for the healthcare industry. Headquartered in Dallas,Claimsnet offers services that are distinguished by ease of use, customercare, security and measurable cost advantages. More information on Claimsnetcan be found at the Company's web site at http://www.claimsnet.com.
Safe Harbor Statement Under the Private Securities Litigation Act 1995 -With the exception of historical information, the matters discussed in thispress release are forward looking statements that involve a number of risksand uncertainties. The actual future results of the company could differsignificantly from those statements. Factors that could cause or contribute tosuch differences include, but are not limited to, our inability to realize theexpected synergies and benefits of the acquisition, difficulties and costsincurred integrating the business of Claimsnet with that of Acceptius,exposure to unknown liabilities of Acceptius, the consequences and significantcosts of our management's attention having been diverted from our day-to-daybusiness over an extended period of time, our ability to successfully assertour rights and remedies under the Agreement, the expenses that we haveincurred relating to the acquisition, maintaining access to external sourcesof capital, regulatory actions, success of marketing strategies, actions ofClaimsnet's competitors, dependence on business partners and distributionchannels, and continued use of the Internet. Further information onClaimsnet's risk factors is contained in Claimsnet's quarterly, annual, andother periodic reports as filed with the Securities and Exchange Commission.
SOURCE Claimsnet.com inc.