VisualMED Clinical Solutions Corp
VisualMED Clinical Solutions Corp: VisualMED to license technology to leading French software company in a deal worth up to $5.4 million
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The issuer is solely responsible for the content of this announcement.
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VisualMED to license technology to leading French software company in a
deal worth up to $5.4 million
Bids for multi billion Government initiative will incorporate VisualMED
adapted technology
MONTREAL–(BUSINESS WIRE) October 24, 2006–VisualMED Clinical Solutions
Corp. (the ‘Company”) (OTC BB: VMCS – News) is pleased to announce a
technology licensing agreement with Post Logic of Paris, France, a leading
French software contractor in the fields of imaging and connectivity. Post
logic will adapt selected VisualMED modules to be included in a
connectivity offering to the French healthcare administration. Post Logic
intends to bid for tenders from the French Government’s multi-billion
dollar initiatives to create a universal electronic medical record for all
French citizens.
‘Post Logic is ideally positioned to play a central role in responding to
the government call to provide new and unprecedented ways to access one’s
own healthcare records, on line, remotely, in total security, and at all
times,’ says Gerard Bonnet, President and CEO of Post Logic.
Post Logic believes that VisualMED components and support can help them win
key parts of this French government project to create a national electronic
patient database accessible to all French citizens over the internet. In
the initial phase, Post Logic will pay VisualMED for consulting work that
will be executed over the coming six months. The next phase will see
VisualMED adapt modules for Post Logic connectivity business in France. The
entire agreement could be worth as much as $5.4 million to VisualMED. Phase
I begins immediately and will pay $1.3 million in Q3 and Q4 of current
fiscal year 2007. Phase II and subsequent phases are expected to bring in
another $2.1 million in fiscal 2008.
‘The fact that our components already exist in French language played a
role in concluding this agreement,” says VisualMED Chairman Gerard Dab. ‘In
fact this deal is due in part to a new business cooperation between the
cities of Montreal and Paris which have together created a Bio-Tech
corridor to promote new business. We benefited directly from the personal
attention of the mayor of Montreal, Mr. Gerald Tremblay, in this matter.”
The VisualMED Clinical Information System comprises many modules, and much
of the basic information retrieval technology, that will complete the Post
Logic offering, whose web-based internet imaging treatment capability is
expected to help them win a number of tenders.
The national electronic health record initiative is being mandated by a law
passed by the French parliament in 2004 under the leadership of then health
minister Philippe Douste-Blazy, a senior French politician who is now
serving as foreign affairs minister in the same government. The government
of France has set aside large funding for the project, and Post Logic is
ideally positioned to play a central role in the provision of new and
unprecedented ways to afford the public access to its own healthcare
records, remotely, in total security, and at all times. More information on
the French Universal patient record can be found on the following
government official website: http://www.d-m-p.org
During the first phase, VisualMED will provide a detailed blueprint laying
out a comprehensive mapping of the functionalities of those key elements of
the VisualMED technology that will be critical to the French initiative.
Once this phase is completed in early 2007 there will be a series of
subsequent phases dealing with French clinical standards and data
repository pilot projects through 2007 and 2008. During phase two of the
agreement, Post Logic will build an interactive services centre to act as a
connectivity hub to be established in the Biotechnology Corridor in Paris.
Concludes Gerard Dab: ‘This agreement is another example where we can
license part of our technology to companies active in other sectors of the
healthcare industry. Armed with our latest generation information
retrieval, distribution, and security protocols, Post Logic will likely
secure a share of the large budget the French will have to spend to comply
with their new law.”
About Post Logic
Post Logic, a private French company, is a distributor of post production
and imaging solutions to the French private and public broadcast industry
and film production with a range of cutting edge technology product lines
that have helped the company win and hold a dominant share of its markets.
It has recently begin to expand its expertise into the medical imaging
market. More information can be found at http://www.com-media.fr/.
About VisualMED
VisualMED Clinical Solutions Corp. is a leading provider of clinical
informatics solutions that help hospitals and healthcare authorities reduce
medication errors, increase personnel efficiency and bring down operating
costs. One of its key components, a fully integrated Clinical Information
System with decision support, is a core solution in the new agenda to
promote greater patient safety and reduce the morbidity and mortality
associated with medication error. The company is involved in major
government initiatives on three continents to modernize hospitals and
healthcare delivery.
Detailed information on our company and its products is available on our
web site at www.visualmedsolutions.com.
Forward-Looking Statements
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning
the future performance of the Company. These statements are based on
suppositions and uncertainties as well as on management’s best possible
evaluation of future events. Such factors may include, without excluding
other considerations, fluctuations in quarterly results, evolution in
customer demand for the Company’s products and services, the impact of
price pressures exerted by competitors, and general market trends or
economic changes. As a result, readers are advised that actual results may
differ from expected results.
Contact:
VisualMED Clinical Solutions Corp.
Barry Scharf, COO, 514-274-1115, Ext.108
www.visualmedsolutions.com
Source: VisualMED Clinical Solutions
(c)DGAP 31.10.2006
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