Contact Information: Contact: Shareholder Relations VirtualHealth Technologies, Inc. 325 West Main Street, Suite 240 Lexington, KY 40507 (859)455-9255 Email: Shareholder.Relations@virtualhealthtechnologies.com Website: http://www.virtualhealthtechnologies.com
VirtualHealth Technologies, Inc. Reports 75% Gross Margin in 1st Quarter 2009, Building Financial Model for Rapid Growth
| Source: VirtualHealth Technologies
LEXINGTON, KY--(Marketwire - May 19, 2009) - VirtualHealth Technologies, Inc.
(OTCBB : VHGI ) recently filed SEC Form
10-Q reporting first quarter 2009 results. The Company reported increased
sales for the period compared to the same period last year. Management
considers the most important aspect of the financial report to be the
Company's ongoing healthy gross margin. The Company reported a 75% gross
margin in the first quarter of 2009. The Company primarily generates its
revenue through software licensing. The substantial gross margins provide
a positive indication that the Company's business model can produce
attractive future profits as software license sales expand. Management
anticipates substantial new sales of its proprietary and patented software
solutions within this fiscal year.
VirtualHealth has over 1500 clients and has completed government trials for
the Company's next generation real-time, web-based prescription monitoring
solution focused on reducing controlled substance fraud and crime.
Additionally, the winner of the 2008 Hot Product TEPR award, PrivateAccess,
Inc., has licensed solutions from VirtualHealth that provide security
platforms to facilitate data sharing and communication.
An on-demand Corporate Overview Webcast on the Company's technology
solutions for improved healthcare management, the reduction of prescription
fraud and crime through real-time prescription drug monitoring, healthcare
security and authentication, and practice management and electronic health
records technology is available on the corporate website under Latest
Headlines at http://www.virtualhealthtechnologies.com/news.html.
Greenfield Program
Separately, VirtualHealth recently announced partnering with the NewMarket
Technology, Inc. (PINKSHEETS : NMKT ) Greenfield Program. The Greenfield
program accelerates the introduction of new technologies into new markets
enhancing early stage top and bottom line growth. The program is
specifically designed to improve the return on investment (ROI) potential
of emerging technology and emerging market business initiatives. The
Company has been featured in a Webcast on the program May 7th. The Webcast
is available for review here:
http://www.newmarkettechnology.com/webcast_20090507.htm.
About VirtualHealth Technologies, Inc.
VirtualHealth Technologies, Inc. is committed to being the leader in the
development and distribution of next generation solutions that connect
healthcare providers to the rest of their community securely and
efficiently. VirtualHealth's foundation is based on years of experience in
providing highly sophisticated technology solutions to its existing medical
customers and has branched out to include the pharmaceutical industry, as
well as State and Federal Regulatory Agencies. VirtualHealth Technologies,
Inc is headquartered in Lexington, Kentucky, with offices in Texas, Georgia
and Florida. For more information, visit www.virtualhealthtechnologies.com
This press release contains forward-looking statements that reflect the
Company's current expectations regarding future events. While these
statements reflect the Company's best current judgment, they are subject to
risks and uncertainties. Actual results may differ significantly from
projected results due to a number of factors, including, but not limited to
assumptions, beliefs and opinions relating to the business and growth
strategy of VirtualHealth Technologies, Inc. and its wholly owned
subsidiaries Verified Prescription Safeguards, Inc., VPS Holding, LLC,
Secure eHealth, L.L.C., Medical Office Software, Inc. and implementation
thereof, based upon the Company's interpretation and analysis of financial
and market conditions, the decisions of businesses with whom the Company is
either engaged in business with or negotiating, healthcare industry trends
and management's ability to successfully finance, develop, market, sell and
implement its e-commerce and internet solutions, clinical and financial
e-transaction services and software applications to physicians, pharmacies,
governmental agencies, laboratories, insurance companies, HMOs, and payers.
These factors and other risk factors are more fully discussed in the
Company's filings with the Securities and Exchange Commission. The Company
expressly disclaims any intent or obligation to update any forward-looking
statements.