Visual Healthcare Corp. Signs Deal for Enhanced Lab Applications
Company to usher in social media market for the scientific community estimated at $3 billion annually
RENO, Nev., May 10, 2011 /PRNewswire/ -- Visual Healthcare Corp. (the "Company") (NASDAQ OTC: VSHC) announces today that it has entered into an agreement with Sygenics Life Sciences Software (Sygenics LSS) to market a 2nd generation of Lab Automation applications to serve the scientific community. This allows researchers to replace paper-based scientific records and paper-based scrapbooks with more dependable and secure electronic storage capabilities, as well as the ability to instantaneously share information with other scientists of their choice.
A key feature will be a social media revolution that will bring laboratory automation into the modern century by providing an operative multi-layered social media platform with both open and restricted access in order to create a universal exchange community for all scientists the world over.
Sygenics Life Sciences Software has been a leader in the field of creating automated platforms for drug research. This joint venture will see Visual Healthcare market the new lab platform across its entire network of licensees and strategic allies. The company intends to create an internet sales force. It also intends to use its deep academic roots to penetrate the market of pure science research as well as that of industrial research. It is estimated that there are some 5 million full-time research scientists in the world, and that the market for lab automation of this kind is on the order of $3 billion on an annual basis. The company believes it can secure a modest 2% market share whose value could reach as much as an annual $60 million.
"This is a big step for our company, as we bring together both our own pharma expertise with Visual Healthcare's medical content footprint," says Raj Vadavia, Founder and President of Sygenics.
The social network component will be provided free of charge, and will allow scientists to form sub-groups within their own disciplines as well as reach out more easily than before to other areas of research. Users wanting to fully automate their results reporting and go paperless will subscribe to services that will range from $29.99 to $49.99 monthly.
"We expect this to be a highly profitable business," says Chairman Gerard Dab. "We already have a deep knowledge of scientific issues, and this is an area where almost everyone is still working in paper and in which we will have few competitors."
As discussed earlier in the year, the pursuit of the lab automation business is an important element that allows us to leverage our scientific and technology knowledge into generating new revenue streams from diversified markets.
ABOUT SYGENICS LSS
Sygenics is a leading edge developer and service provider of advanced information management technology for the Life Sciences domain. Based on a core evolution adaptive data technology, Sygenics LSS develops and supports a rapidly growing suite of software solutions intended to provide highly flexible tools for the research and scientific community.
For more information on the company, please visit: www.sygenics.com
ABOUT VISUAL HEALTHCARE
Visual Healthcare Corp., since 1998, designs, creates and develops innovative information platforms, specifically conceived for the automation of a wide range of scientific disciplines. These include pharmaceutical research, clinical trials, laboratory automation, true quality assurance tools, total quality control applications, and quantitative analytic tools such as proprietary frameworks for electronic health records, electronic prescription, infection and disease control, and smart cancer registries. The company's extensive portfolio of proprietary technologies is the result of a unique collaboration between senior clinicians from the McGill University Faculty of Medicine and affiliated tertiary care centers, medical software architects, and a Fortune 100 healthcare service company, investing some $50 million in the process. The Company licenses its technology to operating companies in exchange for an equity stake or a royalty stream. It owns significant stakes in various companies including VisualMED Clinical Solutions Corp. (NASDAQ OTC: VMCS), a leader in the field of electronic health records.
For more information, please visit: www.visualhealthcarecorp.com.
FORWARD- LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.