Scottish Start Up Acquires a Breakthrough Global Healthcare Technology Firm in a Stock Swap
A revolutionary patent-pending technology that enables the integration of Medical Tourism with Health Insurance finds new home in Scotland.
Glasgow, United Kingdom, October 02, 2009 --(PR.com)-- “Offsurance, Inc., a Delaware headquartered global healthcare company will now become a wholly owned subsidiary of Offsurance, Limited, a Scottish technology startup”, says a beaming CEO, Amir Bavi.
Mr. Bavi is visibly impressed about the future of his company “Scotland has the right mix that identifies winner organizations and provides vital support and entrepreneurial back up. A Scottish base presents an array of potential benefits to investors, stake holders as well as the company. We are now making the effort to go up two notches, with the fast track patent, as well as our application to be included within the realms of the Scottish Enterprise. We are confident this unique product will catch the attention of both.”
Dr. Rakesh Chandola, Managing Director, Offsurance shares the excitement. "Given the state of the US healthcare industry, given the spiraling insurance premiums and the corporate urge to control costs, Offsurance can perhaps be rightfully described as heaven sent.”
Paid entirely in stocks the deal is worth at least $2.9 million to the Delaware firm based on future revenues over a period of 5 years. At the same time the acquisition brings an estimated current net present value of over $27 million to Offsurance Ltd.
“The deal is a win-win for both the companies”, explaining his optimism Dr Fazal Raheman, the inventor of the patent pending technology emphasizes, that, “by combining forces we are one more step closer to realizing the full potential of the Offsurance technology in the soon to be $100 Billion Medical Tourism industry. The seasoned entrepreneurial leadership of Mr Bavi and Dr Chandola will now enable us to focus more on the product development.“
The reason behind the excitement of the Offsurance team is not difficult to decipher. The exponential growth in Medical Tourism is projected to reach $100 Billion by 2012. The current insurance based US healthcare system is not underwritten considering the MT option. This would change dramatically over the next few months. OFFSURANCE is the only patented B2B platform bringing all the stakeholders on one platform to globalize healthcare.
About Offsurance
Offsurance is a brand new path-breaking technology that integrates Medical Tourism with Health Insurance. It offers the benefits of reduced premiums to employers, quality health care to the patients; new business for offshore hospitals and enhanced market share and client retention for the insurance fraternity. The Offsurance platform integrates all of the above stake holders while automating the exceptionally arduous and time consuming administrative procedures. Offsurance adds significant value, simplifies processes, removes obstacles, automates procedures, saving time, money and valuable resources for all stakeholders while helping deliver quality healthcare.
About MRI Limited
MRI Limited, a British Corporation with operations in Dubai, is a technology development and consulting outfit with expertise ranging from inventing new therapeutics and disease management approaches to developing intangible knowledge assets into commercially quantifiable intellectual properties. MRI conducts in-house as well as contract research for clients. Offsurance, Inc is wholly owned subsidiary of MRI Group.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward looking statements, which although based on reasonable assumptions, may be influenced by factors beyond control that could cause actual outcomes and results to be materially different from those projected or anticipated. The actual results or performance by Offsurance, Limited could therefore differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, caution is advised in interpreting these statements.
For Further Information Please Contact:
Mr Amir Bavi
Amir.Bavi@offsurance.com
Dr Rakesh Chandola
rakesh.chandola@offsurance.com
Offsurance Limited
31 Huntly Gardens, West Craigs, Glasgow, Lanarkshire G72 0GW. Scotland, UK.
Tel.: 00441698 827362
FAX: 00441698713568
www.offsurance.com
###
Mr. Bavi is visibly impressed about the future of his company “Scotland has the right mix that identifies winner organizations and provides vital support and entrepreneurial back up. A Scottish base presents an array of potential benefits to investors, stake holders as well as the company. We are now making the effort to go up two notches, with the fast track patent, as well as our application to be included within the realms of the Scottish Enterprise. We are confident this unique product will catch the attention of both.”
Dr. Rakesh Chandola, Managing Director, Offsurance shares the excitement. "Given the state of the US healthcare industry, given the spiraling insurance premiums and the corporate urge to control costs, Offsurance can perhaps be rightfully described as heaven sent.”
Paid entirely in stocks the deal is worth at least $2.9 million to the Delaware firm based on future revenues over a period of 5 years. At the same time the acquisition brings an estimated current net present value of over $27 million to Offsurance Ltd.
“The deal is a win-win for both the companies”, explaining his optimism Dr Fazal Raheman, the inventor of the patent pending technology emphasizes, that, “by combining forces we are one more step closer to realizing the full potential of the Offsurance technology in the soon to be $100 Billion Medical Tourism industry. The seasoned entrepreneurial leadership of Mr Bavi and Dr Chandola will now enable us to focus more on the product development.“
The reason behind the excitement of the Offsurance team is not difficult to decipher. The exponential growth in Medical Tourism is projected to reach $100 Billion by 2012. The current insurance based US healthcare system is not underwritten considering the MT option. This would change dramatically over the next few months. OFFSURANCE is the only patented B2B platform bringing all the stakeholders on one platform to globalize healthcare.
About Offsurance
Offsurance is a brand new path-breaking technology that integrates Medical Tourism with Health Insurance. It offers the benefits of reduced premiums to employers, quality health care to the patients; new business for offshore hospitals and enhanced market share and client retention for the insurance fraternity. The Offsurance platform integrates all of the above stake holders while automating the exceptionally arduous and time consuming administrative procedures. Offsurance adds significant value, simplifies processes, removes obstacles, automates procedures, saving time, money and valuable resources for all stakeholders while helping deliver quality healthcare.
About MRI Limited
MRI Limited, a British Corporation with operations in Dubai, is a technology development and consulting outfit with expertise ranging from inventing new therapeutics and disease management approaches to developing intangible knowledge assets into commercially quantifiable intellectual properties. MRI conducts in-house as well as contract research for clients. Offsurance, Inc is wholly owned subsidiary of MRI Group.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward looking statements, which although based on reasonable assumptions, may be influenced by factors beyond control that could cause actual outcomes and results to be materially different from those projected or anticipated. The actual results or performance by Offsurance, Limited could therefore differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, caution is advised in interpreting these statements.
For Further Information Please Contact:
Mr Amir Bavi
Amir.Bavi@offsurance.com
Dr Rakesh Chandola
rakesh.chandola@offsurance.com
Offsurance Limited
31 Huntly Gardens, West Craigs, Glasgow, Lanarkshire G72 0GW. Scotland, UK.
Tel.: 00441698 827362
FAX: 00441698713568
www.offsurance.com
###
Contact
Offsurance Limited
Amir Bavi
00441698 827362
www.offsurance.com
Amir Bavi
00441698 827362
www.offsurance.com
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