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Document Preview For Immediate Release |
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For Immediate Release |
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2002 |
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$35 |
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#368481 |
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FOR IMMEDIATE RELEASE
MEDIA CONTACT:
ALAN ADELSON
2500 QUANTUM LAKES DRIVE
SUITE #1000
BOYNTON BEACH, FLORIDA 33426
561-742-5000
CEO PROVIDES UPDATE ON STRATEGIC FRAMEWORK PROGRESS
MAJOR MILESTONES ACHIEVED AS PLAN UNFOLDS
Today, June 12, 2002, CyberCare, Inc. (NASDAQ - CYBR), President and CEO Joe
Forte provided the following open letter to shareowners updating the March 20th
announced strategic framework and path forward for the company.
Dear Shareowners:
We are at the point in time and progress where an update to our shareowners is
appropriate. This letter will provide a deeper understanding of our strategy and
its elements. We are very pleased with our progress to date. A number of tough
operational decisions have been made. Others, which may be unpopular, will also
be made for the preservation and viability of the company. Our recent
achievements are both important and sizeable when considered against the
baseline from which we started. However, our continued viability will be based
on our ability to reach our goals and obtain the funding required to operate and
grow.
We are monitoring and understand the significance of our share price. Our
primary focus is making the overall business healthy. By returning the focus of
the business to the business we believe we will advance the overall value to our
shareowners. We have filed with NASDAQ for the appropriate extensions and
listing alternatives.
During the last four months we have embarked on executing a revised business
plan; eliminating legacy issues; improved the balance sheet; growing revenue;
increasing earnings for the services segment and the overall corporation; and
securing specific sales and revenue goals within the technology division.
We understand the significance of generating revenue as a corporation and within
each operating entity. While generating revenue is important, it is more
important that we focus on generating profitable revenue. We must strive to
continue to improve gross margins and cash flow. In that regard, we are pleased
with the renewed focus on the services business. As reported in our May 15th
press release, overall revenue, excluding a recent subsidiary disposal,
increased by 28% year over year. Collections are at an all time high for the
services businesses and losses in the technology division were reduced by 32.8%.
We intend to further reduce our losses in the second quarter and throughout the
balance of the year and we will continue to drive revenue in services and build
{PAGE}
a foundation in the technology area. In the technology area we have several
significant customers in the process of finalizing their commitments for our
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