Infologix announces privawte equity investment from the musser group and public market filing
InfoLogix, Health Benefits Direct, Epitome and DirectorForce among Presenters
InfoLogix, Inc. Completes Over-Subscribed $17 Million Private Placement and Merger
with Publicly Traded New Age Translation, Inc., Creating Newly Public RFID &
Healthcare Technology Company
Hatboro, PA, December 1, 2006 - InfoLogix, a leading provider of mobile technology
solutions for the healthcare and commercial markets, announces the completion of a
$17 million equity financing round, supported by placement agent Ferris, Baker
Watts, Inc. In a concurrent transaction, the Company announced that it completed a
merger with New Age Translation, Inc. ("New Age"). As a result of the merger, New
Age has changed its name to "InfoLogix, Inc."
"2006 has been a monumental year for InfoLogix," said David Gulian, Chief Executive
Officer and co-founder of InfoLogix. "We have been recognized by Entrepreneur
Magazine as the sixth fastest growing company in the nation, and have reached
significant milestones in installing over 1,900 customer solutions and 1,100
solutions specifically for hospitals. With $17 million of equity financing behind
us, we can confidently execute our growth strategy as a public company."
Gulian noted that the market for healthcare and RFID-based solutions continues to
witness exceptional growth. "Our RFID-based software, infrastructure, and services
solution portfolio is poised to take advantage of this market opportunity."
The Private Placement Offering
Under the terms of the financing, the Company sold 8.5 million shares of its common
stock at $2.00, for an aggregate value of $17 million. The Company plans to use the
funds to accelerate organic growth by growing its direct sales force and expanding
its business development efforts focused on a channel-partner strategy, to make
select acquisitions to broaden its professional services capabilities and
intellectual property portfolio, and to retain a cash reserve adequate to support
future working capital requirements.
About InfoLogix
As a market leader in Enterprise Mobility Solutions for the healthcare and
commercial marketplace, InfoLogix utilizes the industry's most advanced wireless
information technology to enable customers to increase the efficiency and
effectiveness of customer care. InfoLogix utilizes the latest in RFID, wireless
infrastructure, and embedded software and computing technology to deliver solutions
to over 1,100 hospitals and 1,900 clients. With over seventeen patents, InfoLogix
provides software, services, and technology infrastructure to clients needing
Point-of-Care and Point-of-Activity solutions that help reduce costs and/or increase
revenue.
Safe Harbor
We make forward-looking statements in this press release which represent our
expectations or beliefs about future events and financial performance.
Forward-looking statements are identifiable by words such as "believe,"
"anticipate," "expect," "intend," "plan," "will""may" and other similar expressions.
In addition, any statements that refer to expectations, projections or other
characterizations of future events or circumstances are forward-looking statements.
Forward-looking statements are subject to known and unknown risks and uncertainties,
including those described in the Company's filings with the Securities and Exchange
Commission. In addition, actual results could differ materially from those suggested
by the forward-looking statements, and therefore you should not place undue reliance
on the forward-looking statements.
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