[02/06/12]
VeriTeQ Acquisition Corporation recently announced the company has signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. and its wholly owned subsidiary Connectyx Technologies Corp., the manufacturer and distributor of the MedFlash, an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records (PHR). Upon consummation of the merger, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink Market, under the new ticker symbol "VTEQ."
VeriTeQ focuses on three main areas: patient identification and personal health record (PHR) access through implantable RFID technology and the Health Link web-based PHR; implantable sensor applications; and identification of medical devices within the body. VeriChip is the first and only FDA-cleared RFID implantable microchip for humans and patient identification.
MedFlash was launched in 2007 and has thousands of active members across the U.S. MedFlash is sold by leading membership organizations and retail outlets, including portions of national drug store and grocery store chains. MedFlash has multiple methods of emergency access to a member's PHR, including a toll-free number, smart phone access, internet access, USB flash drive access, and Quick Response codes. The merger with VeriTeQ would provide for an additional method of access via the VeriChip implantable microchip, guaranteed to always be with a patient. In addition to MedFlash, Connectyx, which has an existing revenue stream, is developing its social network health and wellness platform, PHRToday, and its consumer pet network, Petclub.
On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation. PositiveID has retained a 10 percent ownership interest in VeriTeQ.
Scott R. Silverman, Chairman and CEO of VeriTeQ, stated, "With a renewed focus on implantable RFID for humans and animals, VeriTeQ was recently formed to lead healthcare to a long overdue technology paradigm. With this merger, VeriTeQ will gain a partner with a similar view towards health and wellness. On day one, the combined company will have a revenue stream and we plan to uplist to the Bulletin Board in the near future."
Ronn Schuman, President and CEO of Connectyx, said, "We are very excited to merge our companies and work with Scott and his team to continue to grow MedFlash and focus on strategies to increase awareness of our company and our products. As we complete development of our MedFlash, PHRToday and Petclub networks, we believe the proposed merger with VeriTeQ will afford us the ability to offer a complete suite of services for people, their healthcare needs and their pets."
The proposed merger between VeriTeQ and Connectyx is contingent upon, among other things, completion of due diligence, negotiation and execution of a merger agreement, and approval by the companies' Boards of Directors.
About VeriTeQ
VeriTeQ develops and markets innovative, implantable RFID technologies for humans and animals including sensor applications. VeriChip is the first human-implantable passive RFID microchip cleared for medical use by the U.S. Food and Drug Administration. For more information on VeriTeQ, please call 561-805-8011.
About Connectyx Technologies
Connectyx Technologies provides unique products for the healthcare market including MedFlash, the electronic Personal Health Manager (ePHM). The MedFlash PHM is an easy to use Personal Health and Lifestyle Manager that is accessible using a powerful web portal suite. The MedFlash PHM also features a 24/7/365 call center, a USB flash drive and our smartphone applications with Scan code capability. The MedFlash PHM provides member benefits including instant access to your Emergency Medical Profile and Personal Health Record in the event of an accident or a medical emergency. Whether traveling, at work, or at home, First Responders have an invaluable advantage when they have access to this time critical information. Far more than just an emergency flash drive, the MedFlash PHM can be accessed on any computer, securely and with complete privacy. There are also lifestyle and wellness features that provide significant health benefits to members and risk mitigation for employers and insurers alike. Connectyx products are developed with the needs of patients, families, doctors and First Responders in mind. For more information, please visit our websites at: www.connectyx.com, www.phrtoday.com and www.medflash.com
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