SOURCE: National Healthcare Exchange Services, Inc.

National Healthcare Exchange Services, Inc.

June 25, 2012 11:16 ET

NHXS Sells Assets to Gateway EDI

Adopts Plan of Liquidation and Dissolution

SACRAMENTO, CA--(Marketwire - Jun 25, 2012) -  NHXS (PINKSHEETS: NHCR) today announced that it has sold substantially all of the Company's assets to Gateway EDI, LLC for $8,206,000 of which $1,238,000 will be paid 18 months and $454,000 will be paid after 24 months after the close. The future payments may be subject to adjustment. The sale was completed on May 11, 2012. Gateway EDI is a wholly owned subsidiary of The TriZetto Group, Inc. GatewayEDI had been a licensee of NHXS solutions for more than two years and the acquisition was a good fit between the companies. "This was the right time to get the best return to the shareholders and give NHXS a strong strategic and capital partner to grow the service offering in the market," said Mark Rieger, CEO of NHXS.

In addition, the Company announced that in light of the sale of substantially all of the Company's assets, the Board of Directors has determined that it is in the best interests of the Company and its stockholders to liquidate and dissolve the Company. The Company's Board of Directors has unanimously approved a Plan of Liquidation and Dissolution of the Company which was approved by holders owning a majority of the Company's outstanding shares of common stock. The Company intends to dissolve effective June 29, 2012, at which time it will cease existence. Further, as a result of the sale of the assets of the Company, the Company intends to make a liquidating distribution of $0.0088 per share to shareholders of record as of the date of dissolution.

This press release includes "forward-looking statements." Such statements may include, but are not limited to, statements about payments that may be received in the future, the timing of when the Company will be dissolved, and the per share amount that may be distributed to shareholders. Such statements are based upon the current beliefs and expectations and are subject to risks and uncertainties including that the Company may discover unknown or incur unanticipated expenses and liabilities. Actual results may differ from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise

Contact Information

  • Media Contact:
    Mark W. Rieger