SOURCE: SecureCARE Technologies

August 09, 2005 09:00 ET

SecureCARE Technologies, Inc. Retains Investment Bank WestPark Capital, Inc. to Raise Funds for Significant Growth

AUSTIN, TX -- (MARKET WIRE) -- August 9, 2005 -- SecureCARE Technologies, Inc. (OTC BB: SCUI), a leading Internet-based document exchange and e-signature solution company for the healthcare industry, announced today that it has engaged WestPark Capital, Inc. in an investment banking relationship. WestPark is a full service investment banking and securities brokerage firm, which serves the needs of both private and public companies worldwide as well as individual and institutional investors. The firm will act as a placement agent on a "best efforts" basis for up to $10 million in a private equity offering. WestPark is headquartered in Los Angeles, California, and has offices in New York, New York; Newport Beach, California; Boca Raton, Florida; and several locations throughout Asia.

Robert J. Woodrow, President and Chief Executive Officer at SecureCARE Technologies, said, "After an exhaustive search, we determined that WestPark provides us with the best opportunity to raise the capital that will enable us to achieve our ambitious growth objectives. The firm understands our space as well as anyone and their history of success with companies like ours gives us confidence that we will succeed."

Richard Rappaport, Chief Executive Officer at WestPark, stated, "WestPark has worked with many companies in the medical technology sector, and we understand the space, particularly in terms of emerging public companies. We see SecureCARE Technologies as a prime example of the value an IT company can provide to streamline the healthcare industry in terms of its efficiency. We look forward to lending our expertise to the execution of the Company's strategic growth plans."

SecureCARE Technologies' Internet-based application, SecureCARE.net, addresses a massive paper problem in the total market for healthcare IT solutions estimated at $2.5 billion. The solution enables home health providers to exchange medical documents with referring physicians electronically, thereby enabling faster document turnaround, which leads to improved cash flow. It also eliminates lost paperwork and duplicate orders, and generates a complete billing report and audit trail for physicians.

About SecureCARE Technologies, Inc.

SecureCARE Technologies, Inc. is a leading provider of Internet-based document exchange and e-signature solutions for the healthcare industry. Built with state-of-the art development tools from the Microsoft dotNET development solutions, SecureCARE.net is tailored to the needs of physicians, clinics and home healthcare, hospice and durable medical equipment providers. This end-to-end solution offers a revolutionary approach to accessing information and managing time-consuming forms and authorizations. SecureCARE's easy-to-use technology eliminates paper, while enhancing the ability of physicians to capture fees for otherwise unbilled time and services, uniquely and directly impacting the physician's revenue. SecureCARE.net is a highly secure, HIPAA-ready tracking and reporting tool that streamlines operations while providing physicians with additional revenue opportunities. For more information, visit www.securecaretech.com.

About WestPark Capital, Inc.

WestPark Capital, Inc. is a full service investment banking and securities brokerage firm that serves the needs of both private and public companies worldwide, as well as individual and institutional investors. WestPark is committed to forging lasting partnerships with emerging growth companies and the investors who back them. WestPark's approach is to provide customized financial solutions for virtually any need. A complete range of investment banking and brokerage services is available to corporate and individual clients. WestPark's corporate finance professionals have the depth of experience and resources to create integrated financing solutions for both private and public marketplaces. Additionally, WestPark offers an exceptional array of private client services through its dedicated group of financial consultants. WestPark Capital understands the importance of strong relationships in today's dynamic business environment and welcomes the opportunity to leverage this power into success for its customers. For more information, visit www.wpcapital.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated" and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SecureCARE or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

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