OMAHA, Neb., Nov. 1, 2006 (PRIMEZONE) -- Coastal Technologies, Inc. (Pink Sheets:CTTJ) (the "Company"), a public-traded company, today announced it entered into a Letter of Intent to acquire Goldman & Goldman Inc, a Michigan-based software development and billing solutions provider. Goldman provides financial software services and Coastal provides outsourced IT services to the healthcare industry. The joining of the Company's marketing and sales efforts with Goldmans' expertise at designing, installing and operating billing systems in rural medical facilities will enable the combined companies to offer more services to healthcare clients in a wider geographic area and at a more competitive price and creative solutions. Coastal management anticipates the acquisition to be completed by November 15, 2006.
Goldman & Goldman, Inc provides software and billing solutions to rural medical facilities. Currently Goldman has completed the development of a billing program for Chiropractors. Joel Goldman, CEO indicated the reason for the focus on the Chiropractic providers "Beginning in April 2005, (as part of the Medicare Modernization act of 2003 or MMA) Chiropractors will be able to bill Medicare carriers and be reimbursed for some Part B medical, radiology, clinical lab and therapy services. These are services related to the treatment of neuro-musculoskeletal conditions that they already provide for their Medicare fee-for-service patients. Of course, they can only bill and seek reimbursement for these services according to their state scope-of-practice laws and within Medicare rules. The states participating in the project include the entire states of Maine and New Mexico. Metropolitan areas include 26 counties around the Chicago metropolitan statistical area in Illinois (plus one adjacent county in Iowa) as well as 17 counties in Virginia. Goldman has beta testing underway in Illinois. The opportunity for our Company expands tremendously with Coastal Technologies, Inc. We can now provide billing service on a monthly fee basis by utilizing the data centers that Coastal has developed for their disaster recovery, along with adding much needed sales and marketing for our company. With Coastal's resources, we believe the billing service can generate between $140,000 to $160,000 monthly by the middle of the first quarter of 2007," Goldman stated.
Coastal Technologies is a leading, full-service Information Technology (IT) consulting firm and custom software developer. Coastal Technologies leverages its experienced staff to create cost-effective IT solutions of uncompromising quality. We are committed to providing true end-to-end total business infrastructure and integration solutions. Our comprehensive service offerings range from project related consulting to full IT outsourcing, and all the critical needs in between.
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