LOS ANGELES, Sept. 23, 2003 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced that it has finalized an arrangement under which it has transferred legal ownership of three of its inactive subsidiaries to an independent consulting firm for final disposition.
Under the agreement, the consulting firm will take ownership of PTS TV, INC., CASTPRO.COM, LLC, and Prime Time Distribution, Inc., all inactive subsidiaries of PracticeXpert, Inc. These subsidiaries are remnants of a business model that was abandoned by previous management and none of the current management of PracticeXpert had any involvement in this prior business model or any of these entities.
The current management team of PracticeXpert is fully engaged and encumbered with the tasks associated with growing the business and the time demands of attending to these three defunct and irrelevant entities are considered excessive and obstructive to the efficient management and construction of the company's Current mission. As a result, the Company has made the decision to outsource the remaining tasks necessary to fully and finally wind down and dissolve all three of these entities.
In conjunction with this transaction, the Company will eliminate off of its balance sheet approximately $100,000 of assets and $3.9 million of liabilities associated with these discontinued operations, and will report a one-time gain on disposal of these subsidiaries of approximately $3.8 million.
About PracticeXpert, Inc.
PracticeXpert, Inc., a healthcare technology and services company, is in the business of developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Its services revolve around its flagship patent-pending hand-held patient encounter system, PXpert(tm), and include medical billing, collections, transcription, clinical trial accruals, contracting and practice management. For additional information visit www.pxservices.com.
Note: Any statements released by PracticeXpert, Inc. that are forward- looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performances. These include economic, competitive, governmental, technological and other factors discussed in the statements and in the Company's filings with the Securities and Exchange Commission.