ATLANTA, March 31, 2008 (PRIME NEWSWIRE) -- MedAvant Healthcare Solutions (MedAvant) (Nasdaq:PILL), a leader in healthcare technology and transaction services, today announced that it requires additional time to finalize its fourth quarter financial statements and Annual Report on Form 10-K for the year ended December 31, 2007. Accordingly, it has filed a notification with the Securities and Exchange Commission on Form 12b-25 for the permitted 15 day extension, and the Company anticipates that it will file its Form 10-K on or before April 15, 2008.
"We need to file this extension due to the changes that occurred in the first quarter of 2008," said Peter Fleming, MedAvant's Interim Chief Executive Officer. "We've not only had a change in our auditing firm, but we've also closed the sale of our PPO and have had changes in our senior management team. The extension allows us needed time to finalize our year-end 2007 results and disclosures."
Fleming continued, "We also plan to hold an investor conference call upon the completion of our year end reporting process and Form 10-K filing. We will provide the customary advance notice of that call."
About MedAvant Healthcare Solutions
MedAvant is focused on facilitating the exchange of healthcare information so that payers, providers, and patients benefit equally from the sharing of reliable and actionable health data. To enables these services, MedAvant operates Phoenix(sm), a highly scalable platform that supports real-time connections between healthcare clients.
For more information, visit http://www.medavanthealth.com. MedAvant is a trade name of ProxyMed, Inc.
The MedAvant Healthcare Solutions logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3540
Forward Looking Statement
Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. Actual results could differ materially from projected results because of factors such as:
* The soundness of our business strategies relative to the perceived market opportunities; * Our ability to successfully develop, market, sell, cross-sell, install and upgrade our clinical and financial transaction services and applications to current and new physicians, payers and medical laboratories; * Our ability to compete effectively on price and support services; * Our ability and that of our business associates to perform satisfactorily under the terms of our contractual obligations, and to comply with various government rules regarding healthcare and patient privacy; * Entry into markets with vigorous competition, market acceptance of existing products and services, changes in licensing programs, product price discounts, delays in product development and related product release schedules, any of which may cause our revenues and income to fall short of anticipated levels; * The availability of competitive products or services; * The continued ability to protect our intellectual property rights; * Implementation of operating cost structures that align with revenue growth; * Uninsured losses; * Adverse results in legal disputes; * Unanticipated tax liabilities; and * The effects of a natural disaster or other catastrophic event beyond our control that results in the destruction or disruption of any of our critical business or information technology systems.
Any of these factors could cause the actual results to differ materially from the guidance given at this time. For further cautions about the risks of investing in MedAvant, we refer you to the documents MedAvant files from time to time with the Securities and Exchange Commission, including, without limitation, its most recently filed Annual Report on Form 10-K. MedAvant does not assume, and expressly disclaims, any obligation to update information contained in this document. Although this release may remain available on our website or elsewhere, its continued availability does not indicate that we are reaffirming or confirming any of the information contained herein.