smallfish7
14 years ago
Reverse Stock Split
Date : 10/11/2010 @ 11:19AM
Source : GlobeNewswire Inc.
Stock : Patient Portal Technologies, Inc. (PPRG)
Quote : 0.0801 -0.0079 (-8.98%) @ 11:40AM
Patient Portal Technologies, Inc. Announces Reverse Stock Split
Patient Portal Techs (BB) (OTCBB:PPRG)
Intraday Stock Chart
Today : Monday 11 October 2010
Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal) announced today that is has filed a Certificate of Amendment to its Certificate of Incorporation to reflect a 1 for 10 reverse stock split, effective October 8, 2010.
The reverse split was approved by the shareholders at the Annual Meeting, held on October 7, 2010. As a result of the reverse stock split, each ten shares of the Common Stock that were issued and outstanding or held in treasury at the Effective Time were automatically combined into one share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who are entitled to fractional shares will receive a cash payment in lieu of receiving fractional shares equal to the fractional share interest multiplied by $0.10 (the per share closing price of the Company's common stock as last reported on the OTC:BB on September 9, 2010.)
The reverse stock split affects all of the Registrant's common stock, stock options and warrants outstanding immediately prior to the effective date of the reverse stock split. The reverse split will reduce the number of shares of the Registrant's common stock outstanding from 50,522,153 shares to approximately 5,052,000 shares. The number of authorized shares of common stock will remain at 100,000,000 shares.
The Company's transfer agent and exchange agent for purposes of the reverse stock split, Continental Stock Transfer & Trust Company, will send instructions to stockholders of record who hold stock certificates regarding the exchange of old stock certificates for new stock certificates.
The shareholder vote supporting the reverse stock split will result in significantly less shareholders and allow the Company to proceed with deregistering its stock. After the deregistration, the Company's shares will also no longer be traded on the OTC:BB. The decision to deregister was a result of determining that the costs of maintaining a public entity exceed the benefits associated with remaining a registered security.
Patient Portal Technologies, Inc. is a Total Satisfaction company, assisting hospitals to improve the patient's experience before, during and after their hospital stay. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States
To view the website and obtain Company information, go to http://www.patientportal.com.
CONTACT: Patient Portal Technologies, Inc.
Investor Relations
Vanessa Loysen
(315) 638-6708
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di4
15 years ago
Patient Portal Technologies, Inc. Completes Debt Restructure
May 22, 2009 1:49:00 PM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesBALDWINSVILLE, N.Y., May 22, 2009 (GLOBE NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal) announced today that it has closed on its debt restructuring transaction with Dutchess Private Equity Fund and has received a term sheet to increase its working capital credit facility with a regional bank.
In return for Dutchess retiring all of its approximately $6.6 million of long term debt and interest, all of its approximately 22 million outstanding warrants and releasing its collateral position in the company's assets, Dutchess will receive up to $500,000 of cash within 10 days of the Company closing a financing transaction, be issued $7.5 million of convertible Preferred Stock and receive approximately 1.7 million shares of the Company's outstanding common stock.
Company CEO Kevin Kelly commented, "We are pleased to have concluded this important transaction with Dutchess. Their continued confidence in our business is underscored by their financial commitment and willingness to work with the Company to insure we can capitalize on the opportunities in the marketplace." He also added, "This restructuring will allow the Company to direct its resources to support growth while enabling us to strengthen and expand our current banking relationships."
Patient Portal Technologies, Inc. assists hospitals in increasing financial performance by providing services that improve and enhance the patients experience before, during and after their hospital stay. These services are delivered over the company's proprietary platform. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States.
To view the website and obtain Company information go to http://www.patientportal.com.
CONTACT: Patient Portal
Investor Relations Contact:
Vanessa Loysen
(315)638-6708
di4
15 years ago
Patient Portal Unveils Second Generation of Popular HealthCast Patient Network System for Healthcare
Proprietary Technology Puts Healthcare Facilities in Control of Real-Time Delivery of Customized Information
May 18, 2009 3:30:00 PM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesBALDWINSVILLE, N.Y., May 18, 2009 (GLOBE NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) announced today the release of a new and expanded version of its popular HealthCast(tm) Patient Network System, which now enables healthcare administrators to control delivery of customized channel content and real-time information from in house, providing the most immediate, flexible, and comprehensive communication portal available in healthcare.
In response to industry demand, HealthCast's state-of-the-art broadcast platform has been expanded to allow complete customization of the digital signage platform so each channel can present a unique look and message, in keeping with the facility's branding and priorities. Moreover, facility staff can update information and content for any and all channels in real-time using a proprietary integrated interface, which puts them in control of all communications with patients, families, and staff for medical, safety, education, training, and information purposes. Using Patient Portal's powerful communication solution also presents a unique vehicle for promoting in-house initiatives and resources to targeted audiences.
Patient Portal's unique digital signage platform effectively divides a TV screen into multiple information portals that simultaneously deliver condition-specific video content, information scrolls, weather and news, and customized messaging. Content can be specific to a single patient, pertain to certain patient groups, or broadcast campuswide. The system includes a highly scalable multimedia delivery network with ability to store, play, and stream dynamic media content based on the facility's desired look and feel and using an endless array of content and design options. Patient Portal's progressive technology also captures all viewing data in real-time to document compliance with government patient education and safety initiatives.
"Working closely with our healthcare partners for mutual gain has always proven to be fruitful and successful," said Kevin Kelly, CEO of Patient Portal Technologies, Inc. "Working together to create an improved version of HealthCast system that puts facilities in control of their communications through a single portal makes sense to all stakeholders. Through HealthCast, we now provide multiple and flexible levels of communication integration so facilities who want control have it and those who need support have 24/7 access to our expertise."
Patient Portal Technologies, Inc. assists hospitals in increasing financial performance by providing services that improve and enhance the patients experience before, during and after their hospital stay. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States.
To view the website and obtain Company information go to http://www.patientportal.com.
CONTACT: Patient Portal
Investor Relations
Vanessa Loysen
(315) 638-6708
di4
15 years ago
Patient Portal Technologies, Inc. Announces First Quarter 2009 Financial Results
May 18, 2009 3:28:00 PM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesBALDWINSVILLE, N.Y., May 18, 2009 (GLOBE NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal) announced today financial results for the quarter ended March 31, 2009.
Net revenues for the quarter ended March 31, 2009 were $3.9 million representing a decrease of $.3 million over the comparable period revenue of $4.2 million for 2008. Revenue from Patient Services reached a record of $2.6 million, representing an increase of $.820 million or 46% over the comparable period revenue of $1.78 million. This increase was a result of new services as well as new customer relationships. Revenue from equipment sales was $1.3 million down from $2.4 million for the comparable period of 2008. The decrease in equipment revenue is attributable to timing of receipt and processing of orders for new equipment during the first quarter.
The net operating loss for the quarter was $154,000 compared to a net operating loss of $295,000 for the first quarter of 2008. The net loss for the first quarter of 2009 was $653,000 compared to an approximate loss of $731,000 for the same period of 2008.
After subtracting interest, taxes, depreciation and amortization from the first quarter of 2009, the Company earned approximately $217,000 on an EBITDA basis compared to $66,000 on a similar basis of for the first quarter of 2008.
Management utilizes the EBITDA measurement as it reflects the Company's operating performance before unusual deductions for interest, depreciation and amortization which can mask true performance due to the nature of previous acquisitions and debt transactions. We believe that this information is useful for investors to fully understand the entire operating performance of the business.
The gross margin percentage also increased in the first quarter to approximately 42% from the 2008 first quarter level of 30%, as more of the company's new higher margin services are being deployed into the market and the mix of revenue shifts from equipment service revenues. Company CEO, Kevin Kelly commented, "We are very pleased with the first quarter service revenue results as well as the progress made with our internal operating improvements. We continue to see significant interest in new services that impact patient satisfaction and improve hospital efficiencies. While equipment revenues were under plan due to timing related issues, the market remains strong and we are confident that we will achieve our plan as the year progresses." He added, "Our platform services are positioned to capitalize on the significant market trend toward improving patient satisfaction and we continue to be confident in our ability to gain market share in this area."
Patient Portal Technologies, Inc. assists hospitals in increasing financial performance by providing services that improve and enhance the patients experience before, during and after their hospital stay. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States.
To view the website and obtain Company information go to http://www.patientportal.com.
CONTACT: Patient Portal Technologies, Inc.
Investor Relations Contact:
Vanessa Loysen
(315) 638-6708
INDY
16 years ago
RECENT NEWS:
Patient Portal Technologies Announces Contract for HealthCast Services With the Iroquois Nursing Home
Expansion to Nursing Home Facilities Greatly Extends Market
BALDWINSVILLE, N.Y., Sep 24, 2008 (GlobeNewswire via COMTEX) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) announced today that it has signed an agreement to provide HealthCast(tm) customized patient network services to the Iroquois Nursing Home, a quality residential and short term rehabilitative care facility in Syracuse, NY. The agreement includes multiple health education channels and a customized information network to enhance communications between patients and facility.
"We are excited to be working with Iroquois Nursing Home, one of Central New York's newest skilled nursing facilities," said Kevin Kelly, President of Patient Portal Technologies, Inc. "This agreement, combined with our previous hospital sales, demonstrates the scalability and economic value of our HealthCast(tm) platform across a wide range of healthcare institutions. This validates the market demand for our HealthCast product and we see tremendous growth opportunity as we expand this product to other long-term care facilities.
"This opportunity to work closely with a known leader like the Iroquois Nursing Home is ideal for providing our unique HealthCast platform in the upstate New York region," Mr. Kelly added. "We see a growing demand for this service in the long term healthcare market. Being selected as the provider of choice demonstrates our ability to deliver the right services at the right cost."
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