WILMINGTON, Del., March 3 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc. (OTC Bulletin Board: UCMT.OB), a Wilmington, Delaware business development company that provides management and strategic growth resources to emerging growth companies, is pleased to announce that one of its holdings, iVolution Medical Systems, Inc. will be useful in bringing President Obama's stimulus plan to fruition.
iVolution provides a unique combination of advanced, user-friendly, highly-secure and affordable healthcare technology solutions to physicians, hospitals, and consumers. Its technology platform facilitates the automation of medical records for virtually all aspects of the physician's and hospital's business. President Obama's initiative mandates the use of electronic medical records by the year 2014 and offers bonuses to providers in compliance and penalties for those not computerizing their medical records. The stimulus plan sets aside $19 billion for health information technology. Physicians would get bonuses of between $44,000 and $64,000 -- and hospitals would get as much as $11 million -- once they show that they have computerized their medical records systems. To insure traction of this initiative, the plan includes Medicare payment penalties for physicians and hospitals that are not using electronic medical records by 2014.
"Electronic medical records require a central Web program and training that could prove cost-prohibitive for many providers," says Craig Cohen, Chairman and Chief Executive Officer of iVolution. "iVolution's model is both proven and cost-effective thus enabling the healthcare industry to support President Obama's plan to alleviate rising healthcare costs."
According to Michael Queen, President and Chief Executive Officer of Universal, "We believe the widespread appeal of iVolution's business will not only secure its position as a leading healthcare company but will also add tremendous value to our portfolio."
Pursuant to its business plan as a Business Development Company, Universal intends to dividend shares of iVolution to Universal shareholders upon the effectiveness of iVolution's S-1 registration statement that iVolution expects to file with the Securities and Exchange Commission later this year.
About Universal Capital Management, Inc.:
Universal Capital Management, Inc., is a publicly traded Business Development Company created under the Investment Act of 1940. Its purpose is to assist its portfolio companies with funding and management to facilitate growth and increase their value. Please refer to the company's website at http://www.unicapman.com .
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Universal Capital Management, Inc., or iVolution "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UCM's or iVolution's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UCM or iVolution as appropriate, and the valuation of UCM's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UCM and iVolution believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UCM and iVolution do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
|SOURCE Universal Capital Management, Inc.|
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