SMITHTOWN, N.Y., May 13, 2015 (GLOBE NEWSWIRE) -- iGambit Inc. (OTCQB:IGMB), a diversified holding company, announced that on May 12, 2015 it entered into a Letter of Intent ("LOI") with United Fertility Centers of America (UFCA), which manages specialty outpatient fertility clinics. Pursuant to the LOI, at closing, iGambit will buy all the assets of UFCA and will assume certain specifically identified operating liabilities of UFCA. The assets and liabilities of UFCA will be placed into a new wholly-owned subsidiary of iGambit.
The LOI has certain binding and non-binding obligations, including the acquisition consideration which is subject to adjustment and the transaction is subject to various conditions to closing, including satisfactory completion of due diligence, approval of the Company's shareholders, if required, and definitive documentation. A copy of the Form 8-K report may be accessed at www.sec.gov.
David English, CEO of UFCA, states, "UFCA is very excited about partnering with iGambit. Their exceptional leadership, core values of integrity and service to others and strong record of collaboration are a perfect fit for our corporate mission and vision. Our mission is to improve patient outcomes through technological advancement, market innovation, and collaboration, and to provide the best possible service experience to our patients. This partnership will allow us to continue to grow and advance the field of assisted reproductive technology services."
John Salerno, Chairman and CEO of iGambit, said, "We have looked long and hard for companies that can benefit from ownership in the iGambit holding company model and that exhibit exceptional management and significant potential for growth. I am pleased to report that we have found a terrific opportunity for iGambit, UFCA and our stakeholders in this combination. We look forward to having a close and rewarding relationship with the UFCA team as they seek to continue on their mission of providing assisted reproductive technology as an accepted, safe, and practical solution for all in need."
About iGambit Inc: iGambit (OTCBB:IGMB) is a fully reporting publicly-held company. We are a diversified holding company pursuing and evaluating a number of strategic objectives. These objectives include, among others, the potential acquisition of small to medium size businesses. We believe that the background of our management and of our Board of Directors in the technology markets is a valuable resource that makes us a desirable business partner to the companies that we are seeking to acquire. When we acquire a company, we work to assume an active role in the development and growth of the company, providing both strategic guidance and operational support. Once a company joins our partner company network, our collective expertise is leveraged to help position that company to produce high-margin, recurring and predictable earnings and generate long-term value for our stockholders. For more information, please visit www.igambit.com. Information on our website does not comprise a part of this press release.
About UFCA: UFCA (www.ufca.us), provides its fertility centers with innovation and thought leadership in assisted reproductive technology. along with administrative services such as finance, accounting, human resources, risk management, legal and purchasing support; marketing and sales support, internet marketing and website support, access to integrated information systems, and access to capital for financing clinic operations and expansion.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this document and elsewhere by iGambit are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. and U.S. government policies and regulations, including, but not limited to those affecting the medical fertility clinic industry. iGambit undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in iGambit Inc.'s filings with the Securities and Exchange Commission.