EXHIBIT 99.1
[MEDAVANT LOGO]
INVESTOR RELATIONS CONTACT: MEDIA CONTACTS:
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EMILY PIETRZAK TERESA STUBBS
MEDAVANT HEALTHCARE SOLUTIONS MEDAVANT HEALTHCARE SOLUTIONS
925-765-4410 812-206-4332
EPIETRZAK@MEDAVANTHEALTH.COM TSTUBBS@MEDAVANTHEALTH.COM
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MEDAVANT ACQUIRES ZENEKS, INC. TO ENHANCE COST CONTAINMENT SERVICE OFFERING
Acquisition Expected to be Fully Integrated within First Quarter 2006
ATLANTA, GA.--(BUSINESS WIRE)--FEBRUARY 14, 2006-- MedAvant Healthcare Solutions
(MedAvant) (NASDAQ: PILL), a leader in healthcare technology and transaction
services, today announced their acquisition of substantially all the assets and
operations of Zeneks, Inc., a privately held bill negotiation services company
based in Tampa, Florida.
"This acquisition is a strategic move to expand our provider relationships and
enhance our bill negotiation services for payers," said John Lettko, CEO of
MedAvant. "Zeneks has a solid service offering that complements our existing
cost containment solution. In addition, they have a very innovative team that
we're excited to have as part of MedAvant."
Zeneks was incorporated in 1998 and was established as a medical cost
containment company. They have relationships with numerous providers throughout
the country.
We expect to integrate the Zeneks operations into MedAvant's current bill
negotiation system by the end of the first quarter of fiscal 2006. MedAvant
believes the acquisition will be immediately accretive to their earnings.
ABOUT MEDAVANT HEALTHCARE SOLUTIONS
MedAvant, a leader in healthcare technology services, provides healthcare
transaction processing, medical cost containment services, business process
outsourcing solutions and related value-added products to physicians, payers,
pharmacies, medical laboratories, and other healthcare suppliers. To facilitate
these services, MedAvant operates Phoenix(TM), a highly scalable and secure
national information platform, which supports real-time direct connectivity and
transaction processing between healthcare clients. For more information
about MedAvant, please visit the Company's website at
http://www.medavanthealth.com. MedAvant is a trade name of ProxyMed, Inc.
ABOUT ZENEKS
Zeneks specializes in managing out-of-network healthcare expenditures for
self-insured medical plans, third party administrators, and other entities.
Zeneks offers negotiations and contracting services and PPO network access, as
well as other medical cost management solutions. Their clients include companies
such as Corrections Corporation of America, Atlantic/Colonial Medical Insurance,
IOA-RE, and Community Health Solutions. For more information, please visit the
company's website at http://www.zeneks.com.
FORWARD-LOOKING STATEMENT
This press release contains forward-looking statements within the meaning of the
U.S. federal securities laws. For example, the words "expected", "believes" and
similar expressions generally identify forward-looking statements. ProxyMed,
Inc. d/b/a MedAvant Healthcare Solutions (the "Company") cautions that while
these statements, including statements regarding our ability to integrate Zeneks
into our operations, as well as the impact that the Zeneks acquisition will have
on earnings, reflect our current plans and expectations, they are subject to
risks and uncertainties. These risks and uncertainties could cause the actual
results to differ materially from those anticipated by such statements. These
risks and uncertainties include: the ability of the Company to successfully
integrate customers, products and technology of acquired businesses into the
Company's business; the risk that acquired businesses may have undisclosed
liabilities or contingent liabilities that are indeterminable; the risk that the
Company may lose customers as a result of acquisitions; and the other risks
described under "Risk Factors" and/or "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's most recent
Registration Statement on Form S-1, the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2004, as amended, and the Company's quarterly
reports on Form 10-Q. For further cautions about the risks of investing in the
Company, we refer you to the documents the Company files from time to time with
the Securities and Exchange Commission, including the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2004, as amended, and the
Company's quarterly reports on Form 10-Q. The Company assumes no obligation to
update these forward-looking statements. Although this press release may remain
available on the Company's website or elsewhere, its continued availability does
not indicate that the Company is reaffirming or confirming any of the
information contained herein.
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