PALM BEACH GARDENS, Fla., Aug. 7, 2007 (PRIME NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) announced today that the Company had agreed to acquire patient communications services contracts for 22 hospitals in the northeastern United States from Worldnet Communications Inc. of Syracuse, NY. The contracts represent approximately $5.1 million in current annual revenue and will be acquired for $1.5 million in cash and a combination of common stock and convertible Preferred Stock, with a total transaction value of $4 million. The transaction is expected to close before the end of August.
"This acquisition significantly increases our cash flow and at the same time gives us access to 22 additional hospitals and medical centers for our entire suite of Patient Portal products and services. There is a great demand from healthcare institutions for our Healthcast, QuickPulse Surveys, and patient-flow services, and through these add-on services we expect to significantly increase the revenues from these contracts over the next six months," said Kevin Kelly, CEO of the Company. "We believe that there is tremendous growth potential in the healthcare industry for our products and services, and we are currently negotiating additional contract acquisitions in order to further expand our customer base," Mr. Kelly added.
Patient Portal Technologies is a leading provider of creative technology solutions and process improvements for healthcare institutions. The company's products and services utilize a state-of-the-art proprietary software platform that optimizes patient flow, reduces administrative costs, and maximizes reimbursement.
Company information is available at http://www.patientportal.com.