SMITHTOWN, NY--(Marketwired - Aug 26, 2016) - HubCentrix and iGambit Inc. (OTCQB: IGMB) sign LOI.
Under the terms of the LOI, iGambit Inc. will acquire substantially all the assets of HubCentrix Inc. and will assume certain specifically identified liabilities. Payment for the acquisition will be made in the form of iGambit common stock.
iGambit Inc. and HubCentrix Inc. will collaborate in the preparation of a Asset Purchase Agreement.
iGambit Inc. estimates a closing within 45-60 days from the signing of the Letter of Intent and the commencement of due diligence. iGambit Inc. will use its best efforts to speed the transaction to a closing.
The LOI has certain binding and non-binding obligations, and the transaction is subject to various conditions to closing, including satisfactory completion of due diligence, approval of the Company's shareholders, if required, and definitive documentation. A copy of the Form 8-K report may be accessed at www.sec.gov
John Salerno, Chairman of iGambit, stated, "We feel their qualified technical team and marketing and brand identity skills are the perfect complement to our pending CyberCare Health Network acquisition. Moreover HubCentrix's newly launched wellness management software further enhances the ability for CyberCare to fulfill its mission and grow rapidly as the new industry gains momentum."
Jerry Robinson, CEO of HubCentrix, stated, "We see significant synergy between our companies' offerings. The HubCentrix Annual Wellness Visit Portal automates the process by allowing the patient or provider to complete a Health Risk Assessment (HRA) online. Our algorithm produces detailed patient reports, physician reports, and summary reports for billing. The HRA identifies those patients who are at risk for chronic conditions, allowing the physician and the patient to be pro-active on addressing issues before they become life threatening and costly. As these chronic care patients are identified the need for CyberCare's Electronic Housecall system and wearable medical devices expands."
For more information, please visit www.cybercarehn.com.
The importance of an Annual Wellness Visit (AWV) is so valued by Medicare that this preventive care is provided at no cost. The AWV is a Medicare-sanctioned wellness program provided free of cost to Medicare patients 66+. There are over 44 million Medicare recipients and less than 12% are enrolled in the AWV.
The HubCentrix AWV application was designed specifically for Medicare patients; however, the HRA is a standardized method of collecting health risk data that is used by multiple organizations to identify the health risks of their population.
About: HubCentrix Inc.
HubCentrix is located in St. Petersburg, Florida and serves clients throughout the U.S. The company has been at the forefront of web-based collaboration and digital asset management. HubCentrix has a special expertise in streamlining the process of capturing and managing information in the document-intensive medical field.
For more information, please visit www.hubcentrix.com.
About: iGambit Inc.
iGambit (OTCQB: IGMB) is a fully reporting publicly-held company. We are a diversified company pursuing specific technology strategies and objectives. These objectives have included, among others, the acquisition of early-stage technology companies with strong growth potential easily recognized in the public arena. We believe that the background of our management and of our Board of Directors in the technology markets is a valuable resource that makes us a desirable business partner. We expect to work to assume an active role in the development and growth of the new company, providing both strategic guidance and operational support. The management of iGambit believes that it can leverage its collective expertise to help position the combined company to produce high-margin, recurring and predictable earnings and generate long-term value for our stockholders. For more information, please visit www.igambit.com. Information on our website does not comprise a part of this press release.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intends," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to, economic conditions, dependence on management, dilution to shareholders, lack of capital changes in laws or regulations, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth, demand for products and services of the Company, newly developing technologies, its ability to compete, conflicts of interest related to party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition, and the ability of the Company to obtain additional financing. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.