iMedica and Misys Resolve Dispute
DALLAS, Sept. 15 /PRNewswire/ -- iMedica Corporation ("iMedica") announced that it has reached agreement in its dispute with Misys Healthcare Systems LLC ("Misys").
Under the Agreement, iMedica will grant Misys a license for the iMedica PRM 2008 practice management (PM) and electronic health record (EHR) application which Misys can use to sell and support its customers. The agreement also states that iMedica will provide a license to Misys for the new version of the iMedica software source code, PRM 2008 SP1, subject to acceptance by Misys. Misys will then have no further access to any subsequent versions of the iMedica PRM application.
iMedica and Misys will continue to develop their products independently, and neither will have any rights to the other's future source code or products or any obligation to share future source code or products. Once the consideration outlined below is paid, Misys will not owe any further royalty payments to iMedica.
In consideration for entering into the agreement, iMedica will receive:
a) Up to $12 million in cash over the coming months contingent upon delivery by iMedica and acceptance by Misys of the source code and services; and
b) All equity in iMedica held by Misys, and the remaining balance for the outstanding prepaid royalties related to the previous OEM Agreement.
About iMedica Corporation
Founded in 1998, iMedica Corporation is an innovator in the development
of electronic health records (EHRs) and practice management (PM) solutions
for physician practices. Based on its comprehensive study of physician
practice workflow and extensive consultations with practicing physicians,
iMedica has developed Patient Relationship Manager(TM) (PRM), a
single-application EMR and PM solution that utilizes Microsoft's latest
.NET technology. PRM's unique, template-free design adapts to a physician's
workflow and sets the benchmark for ease of use and deployment, speed and
portability. iMedica's replication technology enables backup, recovery and
accessibility, as well as customization and solution management with
minimal IT staff intervention. iMedica PRM 2008, version 8.1 is a CCHIT
Certified (R) product for CCHIT Ambulatory EHR 2007. For more information,
call 866-960-6890 or visit http://www.iMedica.com.
Company Contact: Media Contact:
Kristin Raffaelle Christopher Capot, KNB Communications
Vice President, Marketing 212-505-2441
480-471-8764 203-379-8019 (mobile)
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