Wellstar International, Inc. Signs LOI for up to $1 Million in Funding
March 04 2009 - 4:28PM
Marketwired
Wellstar International, Inc. (OTCBB: WLSI), a provider of
specialized diagnostic software and equipment, announced today that
the Company has signed a "Letter of Intent" (LOI) with Fairhills
Capital for an equity funding of up to $1 million. Final details
and contract for the financing are still under discussion. The
financing will be used to implement a special leasing program in
support of Wellstar's wholly owned subsidiary Trillennium Medical
Imaging's launch of its thermal imaging system. The Company's
thermal imaging system, which detects early signs of pressure
ulcers, will be marketed to long-term care (LTC) facilities in the
U.S. with this special leasing program as an option. The lease
program allows the systems to be more affordable and essentially a
"must-have" for LTC facilities that are seeking to curtail
potential liabilities and receive a higher rating from the Centers
for Medicare & Medicaid Services (CMS) under the agency's "pay
for performance" standards. These standards by the CMS, which will
soon be effective, will support better care coordination for
patients with chronic illnesses among healthcare service
facilities.
Wellstar estimates revenues within the first 12 months of
implementation to be in excess of $16 million, for 2010 revenues to
be in excess of $69 million, and a projection of $133 million in
2011. The Company also anticipates being cash flow positive this
fiscal year. The Company is anticipating the installation of at
least 300 FDA approved thermal imaging systems per month, following
the first 6 months of initial roll-out, through 2010. That number
will increase to 400 per month by 2011. There are nearly 16,000 LTC
facilities in the United States, and a pending need for more with
an aging population that is increasing in numbers year after
year.
Fairhills Capital is a private equity firm that invests capital
into companies in the emerging markets. The firm pursues investment
opportunities in small-cap companies that have a strong management
team and the ability to implement their business plan. Fairhills
Capital has invested in over 50 public and private companies in
various sectors including oil and gas, communication, arts and
entertainment, services and healthcare / medical products.
Wellstar's CEO, John Antonio, stated: "We are pleased that
Fairhills Capital shares our excitement and eagerness to begin
rolling out our thermal imaging systems. The epidemic of bed sores
continues to rise and we anticipate the demand for these systems
among just the long-term care facilities to be tremendous. We have
an enormous and largely untouched market to go after with our
revolutionary system. With early detection of this very serious
epidemic, we have the ability to help save and extend many
lives."
ABOUT WELLSTAR INTERNATIONAL, INC.
Wellstar International, Inc., through its wholly owned operating
subsidiary Trillenium Medical Imaging, Inc. (TMI), is poised to
become a leading diagnostic company in the health care industry.
TMI has developed and is marketing fully calibrated and functional,
thermal imaging systems that utilize state-of-the-art infrared
technologies and proprietary software to accurately and
cost-effectively measure physiological changes in the human body.
More information on the Company and its unique diagnostic software
and product line is available on Wellstar's corporate Website by
visiting: www.wellstar.us
FORWARD-LOOKING STATEMENTS
This press release contains statements, which may constitute
'forward-looking statements' within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual
results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. Specific forward-looking statements in this release
include but are not limited to Wellstar's assertion that it
estimates revenues within the first 12 months of implementation to
be in excess of $16 million, for 2010 revenues to be in excess of
$69 million, and a projection of $133 million in 2011, as well as
Wellstar's statement that it anticipates being cash flow positive
this fiscal year. The company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results.
Contact: Equiti-trend Advisors LLC (800) 953-3350 Toll-Free,
U.S. & Canada (858) 436-3350 Local or International
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