MELVILLE, NY--(Marketwired - Jan 11, 2017) - Millennium HealthCare, Inc. (OTC PINK: MHCC), a provider of advanced healthcare services and innovative medical technologies, today announced that the Company completed its most transformative year in corporate history in 2016, setting the stage for a full-scale "re-launch" of Millennium in 2017.
Millennium today released a Shareholder Update, outlining its anticipated plans for the coming year and summarizing the events of the past 12 months during which time the Company has successfully:
- transitioned the business into a true technology company;
- moved from being a medical technology distributor to being an owner and developer of its own proprietary medical technology;
- acquired all patents, and patents pending, for advanced, innovative electrocardiograph equipment;
- established a new Research & Development Division for creating, testing and certifying new medical devices;
- entered into a partnership to provide physicians with cutting-edge laboratory testing services;
- appointed a new CEO with an extensive Wall Street background and hands-on experience in corporate turnarounds;
- opened a new Gulf South regional office and developed a cost-advantageous plan to migrate its corporate headquarters;
- strengthened its balance sheet through the successful negotiation of debt settlements equaling nearly $3.5 million;
- achieved a formal release from U.S. Bankruptcy Court following a suit filed by minority creditors in February 2016;
- filed with the U.S. Securities and Exchange Commission for approval to implement a 1,500-to-1 reverse stock split;
- and successfully implemented a complete, top-to-bottom re-structuring of the entire Company, re-organizing into separate Technology and Services Divisions, so as to position Millennium for future growth and expansion.
"While I am extremely proud of our team, and all of our achievements this past year, it occurs to me that everything we have accomplished, to date, can simply be regarded as a 'prologue,' compared to where we intend to take this Company in 2017 and the years ahead," said Louis J. Resweber, the recently appointed Chief Executive Officer of Millennium.
"Millennium's forward progress was greatly facilitated last year by the management's decision to establish two distinct operating units, the Company's new Technology and Service Divisions," Resweber continued. "In the Technology Division, management was thrilled with the acquisition of the new Cardiovascular Diagnostic System (CDs), an enhanced platform for early detection and preventative diagnosis of cardiovascular and coronary heart disease, and, in the Services Division, we were pleased to enter into a partnership with a Specialty Medical Laboratory to provide comprehensive medical lab services to Millennium's growing physician network."
"Moreover, we were equally proud to have appointed Lou Resweber as our new CEO," added Dominick L. Sartorio, Executive Chairman of the Board of Millennium. "Lou brings to Millennium more than 30 years of executive management experience, with specific expertise in corporate turnarounds, business structure, cost containment, capital markets, investor relations, mergers and acquisitions, business administration, and sales and marketing."
- New Cardiovascular Technology:
In October of 2016, Millennium closed the acquisition of its new CDs technology, which included full ownership rights to a premier cardiograph device, as well as all corresponding research and development, intellectual property, existing patents, patents pending, and all new patents now being readied for submittal to the United States Patent Office.
Millennium plans to complete the required programming of the newly acquired technology in the first quarter of 2017, to initiate expedited field beta testing during the second quarter, and to begin providing CDs devices to the medical community and generating revenues from this technology as early as the third or fourth quarter of 2017.
"This should allow Millennium to roll out a proprietary, 'market-ready' product directly to the medical community in 2017," stated Resweber. "Whereas the Company was previously perceived in the marketplace as merely a distributor of medical services, with this transaction, Millennium has now completed its evolution into a true healthcare engineering and manufacturing entity."
"As such, Millennium will be re-positioned in the marketplace as a technology company, which should ultimately allow Company shareholders to benefit from the higher valuations generally associated with the tech sector," Resweber added.
The new CDs technology represents an enhancement to Millennium's technology offerings and an evolution from Millennium's previous cardiovascular devices. The new CDs technology will enable primary care physicians to perform quick, easy, accurate and non-invasive diagnostic assessments and will allow doctors to better monitor the effectiveness of therapeutic intervention thereby helping to reduce cardiovascular risk and allowing for better management of heart disease.
- New Comprehensive Lab Services:
Also in 2016, Millennium entered into an agreement with a large Specialty Medical Laboratory to provide comprehensive medical laboratory services to the Company's network of primary care physicians, clinics and hospitals.
This Specialty Medical Laboratory handles a wide variety of medical tests, from basic and preventative screenings to advanced medical assessments, using leading edge technology and automated computer driven routines to ensure both accuracy and efficiency.
The Specialty Medical Laboratory is equipped with state-of-the-art instrumentation and equipment, and is staffed by certified medical technologists, phlebotomists, cytologists, and histopathologists. The lab's range of services will also include providing doctors with collection supplies, transportation services, express turnaround, and comprehensive on-line patient reporting.
Millennium HealthCare is a medical technology company, now with its own Research & Development Division, which endeavors to develop (in house) and / or acquire (from third parties) innovative and pioneering medical technologies, which it then brings to market. Through its Technology Division, Millennium designs, engineers, manufactures, distributes and services its own proprietary line of medical devices, focused primarily on preventative care through early detection. Through its Services Division, Millennium provides hospitals, primary care practices, physician groups and other medical facilities with cutting-edge systems, and technology-driven applications, as well as advanced billing and coding services, and practice management development consulting. For more information, visit www.millenniumhcs.com.
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