TEMECULA, Calif., Oct. 28, 2004 (PRIMEZONE) -- S3 Investment Company (OTCBB:SEIH) today announced the signing of a two-year, $10 million Letter of Intent with TSPartner, a leader in healthcare information technology, for distribution of the Securesoft HIPAA compliance products and services. Under the terms of the agreement, TSPartner will serve as the master distributor of the Securesoft products for the healthcare industry. Within one week, the Letter of Intent is expected to be followed with a formal agreement between the two companies for distribution of the Securesoft products and services.
"With the development of the Securesoft HIPAA compliance product nearing completion, we have thoroughly investigated the best channels for distribution. TSPartner is our choice for master distributors of the Securesoft products and services because of their ongoing work with hundreds of large healthcare facilities across the United States. The HIPAA compliance product is a perfect fit for their existing work with these facilities -- the targeted end users of the Securesoft products and services," commented Chris Bickel, Chief Executive Officer of S3 Investment Company.
"The scope of this agreement, over $10 million in the next two years, exceeds our internal goals and will allow us to generate real profits in the Securesoft subsidiary. We are excited to be partnered with TS Partner and believe we have an agreement in place and a path moving forward that will benefit Securesoft, S3 Investment Company and our shareholders in the short, medium and long terms," added Mr. Bickel.
"Our relationships in the healthcare industry have requested a real HIPAA compliance solution for some time. After extensive research, we are confident that the Securesoft Software Engine for HIPAA Compliance is the solution for these hospitals. We will deliver this solution through our direct relationships and our network channel of resellers, service providers, and strategic industry partners," said Gregory Dawson, Chief Executive Officer of TSPartner.
He added, "TSPartner is pleased to strategically partner with Securesoft to meet our customer's healthcare compliance needs. Our channel partners and sales team will be delivering the most complete HIPAA/Compliance solution available today."
TSPartner Inc. is a national Technology Services company headquartered in Southern California, with regional offices in Atlanta, Indianapolis, Chicago, and Portland. TSPartner's heritage comes from the Data General Professional Service team, which specialized in healthcare, financial, and government products and services. TSPartner utilizes world-class people with world-class skill sets and counts over 4,000 healthcare facilities, financial entities, and government institutions as its customers over the past fifteen years. All sales, technical, and support staff have a minimum of fifteen years of high-level performance in the Healthcare Information Technology industry. These skilled experts have worked for top technology companies such as Data General, IBM, HP, EMC, Misys Healthcare, and Per Se Software Solutions.
Company Profile
S3 Investment Company, Inc. (http://www.s3i.us) is a Business Development Company regulated by the Investment Company Act of 1940. Its first operating subsidiary, Securesoft Systems, Inc. (http://www.securesoftsystems.com) was acquired in April 2003 and is a leader in compliance and risk management software, services and Internet technologies for regulated industries. S3 is currently seeking to acquire additional synergistic companies and is focused on assembling a portfolio of investments that will provide value to its shareholders.
This release contains forward-looking statements, which involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, regulatory interpretation, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.