Science & Technology
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Science and Technology
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Thu, April 16, 2009 Transax International Ltd: Transax Reports 2008 Year Results - Revenues Increased by 18%
PLANTATION, FL--(Marketwire - April 16, 2009) - Transax International Limited (Transax) (
Revenues increased by 18% in 2008 to $6.12 million from $5.17 million in 2007. Operating expenses in 2008 increased by 27% to $6.94 million from $5.44 million recorded in 2007 principally due to expenses related to development of new products for the Brazil market to support revenue growth. During 2008 the company introduced a new medical transcription service which accounted for a significant portion of revenue growth.
During 2008 we undertook 8.9 million real-time transactions compared to 7.7 million transactions in 2007. The principal increase in transaction volume was due to the introduction during 2008 of the company's proprietary Web solution for electronic health care claims to the Brazil market in compliance with Brazil's new electronic health care standard (TISS). During 2008 the company also received ISO 9001 certification for its MedLink product.
In announcing the results Stephen Walters President & CEO stated, "The default by the buyer of the sales transaction announced in March 2008 as reported in the third quarter 2008 has brought upon a number of challenges for the business and plans for future development. However as of April 15, 2009 the Company is in negotiations with the buyer to conclude an amendment of the Purchase Agreement previously entered into and plans to conclude this process no later than June 15 2009."
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary MedLink™ technology, Transax provides a service similar to credit card processing for the health insurance and providers industries. A transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Plantation, Fl, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 45 staff and a Sales Office in Sao Paulo, Brazil. The Company has contracts in place with major health insurers in Brazil and currently undertakes approximately 750,000 transactions per month.
SAFE HARBOR STATEMENT: "THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE 'SAFE HARBOR' PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
