IMPROVED FINANCIAL PICTURE SEEN FOR NEXT QUARTER
PRESS RELEASE
From: VisualMED Clinical Systems Corp.
Contact: VisualMED
Karen Der
Tel.: (514) 274-1272
IMPROVED FINANCIAL PICTURE SEEN FOR NEXT QUARTER
Montreal, September 17, 2003 - VisualMED Clinical Systems Corp. (NASDAQ OTCBB: VSMD) announces today significant progress in achieving financial stability.
Based on the agreements that are currently in the process of being finalized with government agencies and hospitals in Canada and Australia, the company expects sufficient revenues from the implementation of its systems so as to be cash flow positive for the first time ever in Q1 and Q2 of fiscal 2004.
Also contributing to this financial turnaround, the company has been involved in a sustained effort to bring down its operating costs from more than USD 4.8 million to less than 1.8 million per year. These reductions in expenditure reflect a number of factors: Reduction of personnel following the completion of the development of the system's core functionality - future development to be undertaken upon specific request from paying customers; outsourcing of equipment installation and maintenance; and doctors' and nurse's training to be managed by the University of Montreal's Faculty of Medicine Department of Continuing Medical Education.
A further contributing element to cost containment is a marked increase in the level of government support toward our international development initiatives. It is also to be reminded that VisualMED continues to benefit from its strategic alliance with partners in the fields of pharmacy systems, medical imaging, and electronic scanning of paper-based records.
The VisualMED solution compares very favourably against its closest competition in the areas of speed, user-friendliness, time to install and price. In a report commissioned by the Leapfrog Group (www.leapfroggroup.org) on CPOE vendors in the Healthcare Information Technology marketplace, nine clinical decision support criteria were proposed and evaluated by First Consulting Group. The VisualMED Clinical System was found to have rich functionality in 100% of the categories reviewed, a claim that could only be made by an additional two of the thirteen vendors evaluated.
VisualMED Profile
VisualMED Clinical Systems Corporation (www.vmedsys.com) is publicly traded over the counter on Pink Sheets (VSMD). It develops and distributes software solutions for clinical medicine and related areas of the healthcare market and has facilities in Montreal.
The VisualMED clinical system is actively distributed in Canada and the United States. The company has also signed a distribution deal with Visual Healthcare based in Australia to distribute its clinical information System in Australia, New Zealand and Singapore.
Forward-Looking Statements
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
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