AUSTIN, Texas, April 30, 2003 (PRIMEZONE) -- eClickMD, Inc. (OTCBB:ECMD) announced today that part of the financial strategy of the Company is to ease the debt service associated with years of high-cost technology development. The Company is considering its alternatives, including whether it can obtain additional funding from outside sources for reorganization. Currently, absent additional funding, the Company does not have sufficient funds or income to meet all of its short-term obligations as they become due.
The Company has retained Frank B. Lyon, an attorney in Austin, Texas, to fully consider all of its options, including a possible filing under Chapter 11 of the Bankruptcy Code.
The Board of Directors has also accepted the resignation of its Chief Executive Officer, Marion Robert Rice, effective April 23, 2003. Mr. Rice will continue to serve as a member on the Board of Directors of the Company. There are no immediate plans to replace Mr. Rice, according to the Company's announcement.
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