Millennium Healthcare Inc. (OTCQB: MHCC), a developer and distributor of healthcare services and medical devices, today announced that it has signed an exclusive Letter of Intent (LOI) to acquire the business of HealthPath, LLC.
The parties have initiated an exploratory period of due-diligence, which is intended to result in a definitive asset purchase agreement. Management expects the acquisition to close within 15 days.
“We are excited to engage in an exclusive LOI with HealthPath,” said Noel Mijares, CEO of Millennium Healthcare.
Mijares added, “We are actively looking for companies that are synergistic with our existing business lines and have experienced management teams. This acquisition significantly strengthens our market-share position. HealthPath meets these goals, and we are confident that this acquisition will provide value to our shareholders.”
Ms. Maureen Walsh, Principal Member of HealthPath LLC, said, “We believe that the common denominator between the companies’ respective service offering is preventative health. Since our cloud based solutions align our financial interests with healthcare providers as well, we see a lot of intrinsic value in the acquisition.”
About Millennium Healthcare Inc. (www.millenniumhcs.net)
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.net.
About HealthPath, LLC
HealthPath LLC delivers cloud-based software for Medicare’s Annual Wellness Visit. It offers the Well Path System that enables healthcare providers to establish a very substantial and recurring income stream, and Well Path Plus, a solution that facilitates the efficient delivery of annual wellness visits while collecting ICD-10/HCC codes for accurate risk adjusted payments. The company’s solutions enable a physician or non-physician practitioner to conduct two to three wellness visits per hour and to identify preventive services and other clinically indicated tests. It serves primary care physicians, multi-specialty practices, hospitals and healthcare systems, accountable care-organizations, clinically integrated networks, MA Plans, nursing homes/ALFs, skilled nursing facilities, healthcare clinics, home healthcare companies, IPSs, and senior communities.
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This press release contains certain statements that may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements are identified by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “current outlook,” “we look forward to,” “would equate to,” “projects,” “projections,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “could be,” and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release
