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VisualMED Clinical Solutions Corporation
VisualMED Clinical Solutions Corporation markets state-of-the-art Clinical Information Systems and related products to healthcare institutions and associated sectors of the healthcare market.
Mr. Gerard Dab, Chairman of the Board and CEO, has more than twenty years experience as a business manager. He was a co-founder of the VisualMED parent company and led that company from its founding in 1998 to the present.
Dr. Arthur Gelston, President and Chief Science Officer, is a Senior Physician and a former Associate Professor of Medicine at McGill University. He was a co-founder of the VisualMED parent company in 1998 and served as its Chief Science Officer. Dr. Gelston has more than twenty years experience in the design and application of clinical hospital software.
Mr. Philippe Rainville, Chief Financial Officer
Mr. Barry Scharf, Vice President Operations and Client Services
Ms. J. Hamilton Kirby, Vice President Finance
Mr. Michel Maksud, Vice President Technology
Mr. Gerard Dab, Chairman
Dr. Arthur Gelston
Mr. Louis Lombardo
Mr. Philippe Panzini
Effective September 23, 2004, we entered into agreement with VisualMED Clinical Systems Corp. in which we agreed to issue 31,866,000 (split adjusted) restricted shares in exchange for certain assets of VisualMED Clinical Systems Corp. These assets include worldwide marketing rights for the VisualMED suite of clinical software modules including software distribution agreements for parts of Europe and Australia. The assets also include conditional sales agreements for two Canadian hospitals. Other purchased assets are fixed assets comprising of office furniture, computer hardware and brochures and outstanding receivables. We also purchased VisualMED Marketing Inc., a subsidiary of VisualMED Clinical Systems Corp. and the VisualMED suite of clinical software modules.
As part of the agreement, until a private placement is completed we will borrow up to US$100,000 per month. This amount will be used maintain the ongoing operations of the company. The amounts borrowed will be reimbursed to the lender from the proceeds of a planned private placement of US$1,500,000 to a maximum US$4,000,000.
On October 13, 2004, the transaction closed. 37,500,000 shares were returned to treasury and cancelled. A total of 31,866,000 restricted shares of common stock were issued to VisualMED Clinical Systems Corp.
The VisualMED Clinical Solutions software acquired comprises a suite of modules referred to as a Clinical Information System that includes both Computerized Physician Order Entry (CPOE) and a comprehensive electronic medical record. These clinical management solutions help hospitals and governments reduce medication errors, increase personnel efficiency and bring down operating costs. The principal module is a core solution in the new agenda to promote greater patient safety and reduce the growing death rate from medication errors.
The Company's initial marketing effort will be focused in North America, Western Europe and Australia.
The Company declared a stock dividend of 1 additional share of common stock for each 2 shares of common stock outstanding. The record date for the stock dividend was October 25, 2004. An additional 10,622,000 restricted shares of common stock according to the stock dividend were issued to VisualMED Clinical Systems Corp. As of that date, the Company had a total of 39,832,500 common shares outstanding post-dividend.
We have taken over the technical and medical support of the VisualMED Clinical Information System currently operating at Physicians Hospital in El Paso, Texas.
Overview of our Business
Since our acquisition of the VisualMED technology our operations are in the field of healthcare information systems that include clinical information systems for hospitals, healthcare delivery organizations, and regional and/or national healthcare authorities.
American and European hospitals are under increasing pressure to address mounting evidence of major increases in hospital death due to medical errors and adverse drug reactions (ADE’s). The March, 2000 report "To Err is Human" released by the Washington-based Institute of Medicine alerted the public and the authorities to this problem, disclosing that up to 100,000 Americans die each year from adverse drug reactions, half of which it considered preventable. Since then, evaluations of deaths from adverse drug reactions have been as high as 200,000 in the U.S., 85,000 in the U.K., and 23,000 in Canada.
Medical literature and recent publications from HIMSS (Hospital Information Management Systems Society) indicate that the introduction of information technology solutions that would replace the paper-based medical record by an electronic medical record (EMR) could significantly reduce the advent of adverse drug reactions, and help to contain rising medical costs by increasing the productivity of care givers.
A coalition of some of America's largest employers and healthcare purchasers helped to create the Leapfrog Group, a non-profit organization dedicated to promoting information solutions for hospitals, and to help guide them in the acquisition of such solutions. In particular, Computerized Physician Order Entry (CPOE) systems, with decision support, are deemed to be the core component of an effective clinical information system to replace paper-based records. To date, more than 500 hospitals in America have registered with the Leapfrog Group, pledging to move towards the new standards it has set. As well, government authorities on all levels have began to legislate mandatory reduction of accidental hospital deaths and adverse drug events.
In Europe, Italy, France and the U.K. have voted laws providing for nationwide, publicly funded Electronic Medical Records. Similar initiatives are underway in Australia, Canada, Sweden and Denmark.
Karen Der
Transfer Agent
Pacific Stock Transfer
500 East Warm Springs Road
Suite 240
Las Vegas, Nevada 89119 USA
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Attorneys In Canada
Accountants In Canada and United States
For more information on the VisualMED System, click here.
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