DEERFIELD BEACH, Fla., March 30, 2009 (GLOBE NEWSWIRE) -- MDwerks, Inc. (OTCBB:MDWK) ("the Company"), and its wholly owned subsidiary, Xeni Patient Access Solutions, Inc. ("XPAS"), announced today that the Company has entered the digital pen and paper marketplace through the opening of a sales office in Deerfield Beach, Florida to sell the proprietary "D-PAS" digital pen and the related software and services. The Company has a nationwide sub-license agreement and a sales and marketing agreement with New York based Patient Access Solutions, Inc. ("PAS"), from whom the pens and related software and services will be purchased.
The D-PAS digital pen is used to electronically complete patient and healthcare facility forms using digital paper that captures all the data with miniature camera lenses which is easily transferred to an assigned computer through a direct connection. For mobile access; the data can be transferred via Bluetooth to the host computer. Thus, all patient information can be secured in the computer system, backed up to a server and transferred to any doctor's office or healthcare facility instantly. The D-PAS digital pen can store up to 200 pages of data at any one time, has a long battery life, is durable and automatically charges when in the docking station. The digital pen is a product of Anoto Group AB ("Anoto"), an electronics and technology company based in Stockholm. PAS purchases the pen from Digital Pen Systems of Salt Lake City, Utah, one of the Anoto US distributors.
MDwerks is selling the D-PAS digital pen along with software that is customized and implemented into each client's individual system all of which will initially be leased for 36 to 48 month periods to healthcare facilities such as nursing homes. Approximate prices range from $100,000 to over $1,000,000 for large installations. In addition to the sales office in Deerfield Beach, FL, the Company intends to shortly expand to five other states that have a heavy concentration of nursing homes and other healthcare facilities beginning with Texas and California. Since November 2008, an XPAS affiliate has provided financing for leasing transactions of the D-PAS digital pen and related software and services sold by PAS to nursing homes in both New York and New Jersey.
Management is pursuing funding sources to finance this new line of business and also believes that the Company as well as potential doctor customers may be eligible to apply for Government Grants as part of the recently approved Economic Stimulus Package pursuant to the "meaningful use of electronic records" sub-section.
David M. Barnes, President and CEO, commented, "With a continuing shift from traditional paper to electronic medical records, we believe that the D-PAS digital pen package will become an increasingly attractive and necessary product in the healthcare industry. In addition to home healthcare, we expect to provide efficient digital solutions to related industries such as clinical trial operations, hospitals, and physician practices in the coming months as well as introducing these digital solutions to other industries such as aviation, trucking and transportation. We look forward to keeping shareholders, potential investors and other interested parties apprised of our progress."
The Company also announced that it has ceased all prior operations involving billing, claims processing and collection services. However, MDwerks will continue to provide financing to certain client companies for factoring of accounts receivable, inventory and other assets.
MDwerks is currently redesigning their website and anticipates digital products and related information will be available on the website by April 30, 2009.
The MDwerks, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5982
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of MDwerks' Securities and Exchange Commission filings available at http://www.sec.gov.