ATLANTA, Feb. 19, 2002 (PRIMEZONE) -- InnerSpace Corporation (OTCBB:ISPA), a healthcare solutions provider, today announced the immediate implementation of a business acquisitions strategy to accelerate growth and increase net return on stockholders' equity. The strategy is to acquire existing healthcare solutions providers, including both software systems and services operations. Vendors whose customer base consists of physicians, clinics and smaller hospitals will be primary acquisitions targets.
InnerSpace's long-term goal remains to provide integrated, system-wide solutions that restore simplicity in an increasingly complex and competitive environment. The strategy announced today complements InnerSpace's long-term goals by providing an opportunity for InnerSpace to evaluate the needs of the customer base it expects to acquire through acquisition and, where appropriate, provide a migration path to complementary Web-based products and services that improve operations and comply with upcoming HIPAA privacy, security and electronic transactions requirements.
InnerSpace intends to focus on middle market providers generating $3 to $10 million per year in revenues, though it may find larger candidates who are attractive acquisition targets. InnerSpace's goal is to achieve $50 million in revenues within two years.
"The healthcare information technology market offers significant acquisition opportunities," said Robert Arkin, InnerSpace's Chief Executive Officer and Founder. "In the physician practice management sector alone there are more than 1,000 providers. Both the providers and their customers face major cost containment and management challenges. We believe our Web-based technology platform is complementary and may help us in the future to consolidate our customer base and provide more cost-effective, system-wide solutions."
This release contains ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Words like "intends," "expects," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. A number of important factors could cause actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include the inability of the company to obtain financing for the acquisition of businesses; the reliability and availability of new technology in the related industries; financial, operational and other business problems associated with the acquisition of a number of businesses in a short period of time; and general and industry-specific economic conditions. The company has no obligation to update or revise these forward-looking statements to reflect the occurrence of future events or circumstance.