With New Financing in Place, InfoLogix Looks Ahead
December 03 2009 - 8:30AM
PR Newswire (US)
HATBORO, Pa., Dec. 3 /PRNewswire-FirstCall/ -- InfoLogix, Inc.
(NASDAQ: IFLG), a leading technology provider of enterprise
mobility solutions for the healthcare and commercial industries,
having completed a successful restructuring transaction with its
senior lender, Hercules Technology Growth Capital, Inc.
(NASDAQ:HTGC), today commented on its market position, strategy and
plans going forward. (Logo:
http://www.newscom.com/cgi-bin/prnh/20090618/NE35135LOGO ) "We're
pleased that Hercules has shown their confidence in InfoLogix by
providing an important runway to complete the transformation of our
business," said David Gulian, president and CEO of InfoLogix.
"Hercules' decision to assume an equity position in our
organization is a testament to their belief in our management team,
our company, our long-term business model, and the strong recurring
revenue opportunities that InfoLogix is positioned to capture in
the healthcare and commercial markets." "We believe there are
strong secular trends in healthcare that support long-term growth
of InfoLogix's business," said Manuel A. Henriquez, co-founder,
chairman and chief executive officer of Hercules. "We are
supportive of the efforts of the senior management team in
restructuring their business to become more operationally
disciplined in this environment. InfoLogix has identified a clear
path to profitability, and we believe that as the Company begins to
achieve its profitability milestones, significant value will be
created for shareholders." On Friday November 20, 2009, InfoLogix
announced the completion of a restructuring transaction with
Hercules Technology Growth Capital, Inc. that converted InfoLogix's
debt to Hercules into equity and increased borrowing capacity up to
$5 million. This transaction continues InfoLogix's aggressive pace
of the past 24 months, as it focuses on transforming its business
from a wireless vendor to a full solutions company serving the
healthcare and commercial markets. "In a very short time span,
we've completed the integration of three consulting companies,
added new service lines with recurring revenue, and positioned
InfoLogix as a leader capable of delivering on the growing demand
for mobile managed services," said Gulian. "As we continue to see a
higher percentage of our revenues from software and services, we're
seeing our customers, prospects, industry analysts and the news
media recognize the value in our strategy, and the unique
opportunity that we're poised to capture." "Over the past decade,
we've focused on building a strong business with long-term customer
relationships, an extensive partner network, an unyielding
commitment to innovation, and a team of employees made up of the
best minds in the industry," continued Gulian. "We've aggressively
realigned our business into a lean, agile, and disciplined
organization that's precisely positioned at the crossroads of one
of the greatest growth opportunities in the healthcare and
commercial industries. With all of the elements in place, we're
looking forward to executing on our business plan, capitalizing on
the acquisition synergies and cost reductions we have made across
the business, and driving InfoLogix to profitability and continued
market leadership." About InfoLogix, Inc. InfoLogix is a leading
provider of enterprise mobility solutions for the healthcare and
commercial industries. InfoLogix uses the industry's most advanced
technologies to increase the efficiency, accuracy, and transparency
of complex business and clinical processes. With 19 issued patents,
InfoLogix provides mobile managed solutions, on-demand software
applications, mobile infrastructure products, and strategic
consulting services to over 2,000 clients in North America
including Kraft Foods, Merck and Company, General Electric, Kaiser
Permanente, MultiCare Health System and Stanford School of
Medicine. InfoLogix is a publicly-traded company (NASDAQ:IFLG). For
more information visit http://www.infologix.com/. Safe Harbor
InfoLogix makes forward-looking statements, including those
relating to debt restructuring, in this press release which
represent our expectations or beliefs about future events and
financial performance. Forward-looking statements are identifiable
by words such as "believe," "anticipate," "expect," "intend,"
"plan," "will," "may" and other similar expressions. In addition,
any statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. Forward-looking statements are subject
to known and unknown risks and uncertainties, including the risks
described in our Annual Report on Form 10-K for the period ended
December 31, 2008, our Quarterly Report on Form 10-Q for the period
ended September 30, 2009 and other filings we make with the
Securities and Exchange Commission. In addition, actual results
could differ materially from those suggested by the forward-looking
statements, and therefore you should not place undue reliance on
the forward-looking statements. We do not make any commitment to
revise or update any forward-looking statements to reflect events
or circumstances occurring or existing after the date of any
forward-looking statement is made. Corporate Contact: Jason Fradin
Vice President of Marketing 215-604-0691 x1194
http://www.newscom.com/cgi-bin/prnh/20090618/NE35135LOGO
http://photoarchive.ap.org/ DATASOURCE: InfoLogix, Inc. CONTACT:
Jason Fradin, Vice President of Marketing of InfoLogix, Inc.,
+1-215-604-0691, ext. 1194, Web Site: http://www.infologix.com/
Copyright