LONDON, Sept. 10 /CNW/ - The Board of Petel Incorporated (Pink sheets:
PTEL.pk) today confirms the completion of the sale of UK subsidiary Medify
Solutions Limited. Under the terms of the agreement Petel Inc will retain a
20% shareholding in the new entity. The new owners of Medify Solutions Limited
will make an announcement to the markets by the end of September 2007.
Whilst recognising the significant potential offered by the Medify
Solutions product, it is the view of the Board of Petel Inc that the Company
and its shareholders are best served by focusing resources on the continued
development and expansion of Petel Inc core brands, with particular focus on
The retention of 20% shareholding in the new entity, valued at
$3,000,000.00, provides a valuable balance sheet asset and a further source of
income for the Company, with no negative effect on PTEL.pk shareholder value.
There is no restriction on the terms of the Company liquidating its holding.
Medify Solutions Limited designs and supplies software for mobile access
to patient notes. Despite reports from Ian O'Reilly, former CEO of Medify
Solutions that the Medify Solutions Limited was no longer viable, a newly
recruited management team has revitalised the prospects of the Company.
Andrew Hawkins, VP Sales and Marketing - part of the new Medify Solutions
management, has confirmed that Medify Solutions Limited has ongoing
partnerships with TPP (The Phoenix Partnership), EMIS (Egton Medical
Information Systems) and Vodafone.
The new management have also focused on the final development of the
Medify Remote and SystmOne Remote products. The Company anticipates launching
both products in October 2007.
Hawkins has invested time in communicating with all past and present
customers, and more significantly with PCTs (Primary Care Trust) who have
expressed interest in the product. These communications have confirmed there
is a strong demand for both the Medify Remote and SystmOne Remote products
within the UK National Health Service (NHS).
Petel Inc CEO David Morton comments "It is great news to be finally able
to announce the sale of Medify Solutions Limited. We know our shareholders
have been anxious to gain information regarding the sale. We are pleased that
through the sale we have been able to provide an additional income stream,
allowing us to fund ongoing operation with no negative impact on shareholder
For an in-depth overview of Petel Incorporated please view the Petel
Incorporated Corporate Overview, please click below:
Corporate Overview PDF
(http://www.petel.co.uk/site/pdfs/ Petel Corporate Overview May 2007.pdf)
For more information please visit: http://www.petel.co.uk/ or email:
This news release contains forward-looking statements that are subject to
certain risks and uncertainties that may cause actual results to differ
materially from those projected on the basis of such forward-looking
statements. The words "estimate," "project," "intends," "expects," "believes,"
and similar expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's beliefs, as
well as assumptions made by, and information currently available to,
management pursuant to the "safe-harbour" provisions of the Private Securities
Litigation Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of Petel, Inc. see
"Risk Factors" in the Company's Annual Report on Form 10-KSB and its other
filings with the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only
as of the date made and the Company undertakes no obligation to disclose any
revision to these forward-looking statements to reflect events or
circumstances after the date made or to reflect the occurrence of
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