RemoteMDx, Inc. (OTCBB: RMDX),
together with its subsidiary SecureAlert, Inc. and Satellite Tracking of
People LLC (”STOP”) of Houston, Texas, announced today that they have
settled lawsuits pending in Texas and California and entered into a
settlement agreement which encompasses the cross-licensing of certain
patents and related technology, inclusive of but not limited to the patents
that were the subject of the litigation.
Under the settlement agreement, STOP and RemoteMDx have stipulated to the
termination of all litigation between them, acknowledged infringement and
validity of the patents-in-suit, and agreed to license a portfolio of
certain of each others patents and related technology. In consideration of
the net value of the licenses and rights granted between the parties,
RemoteMDx will pay STOP a settlement fee, as well as royalty payments based
on future RemoteMDx one-piece GPS tracking device and related monitoring
service revenues, subject to certain revenue thresholds, minimums and
conditional adjustments.
The licensing agreement will provide RemoteMDx with access to STOPs
RE39,909 one-piece patent and certain other STOP patents, while RemoteMDx
grants rights in its U.S. Patent No. 7,330,122 and certain other RemoteMDx
patents to STOP.
John Hastings, President and Chief Operating Officer of RemoteMDx, stated,
“We are pleased to add depth to our patent portfolio with this settlement
agreement. It adds significant value to our company, products and services,
while permitting us to continue to develop important intellectual property
strength throughout critical areas, as we provide our services to
corrections and law enforcement agencies throughout the world.” Mr. Hastings
added, “The licensing of STOP and RemoteMDx intellectual properties will
better serve the needs of a continuously expanding offender tracking
marketplace and the agencies and customers served by both companies, which
will allow us to better meet the needs of our respective customer bases. We
can concentrate our resources and energies to focus on our future growth,
which is in the best interests of our stakeholders.”
Steve Logan, Chief Executive Officer of STOP, commented, “STOP has made
significant investments in our acquisition and development of the patents
around our GPS device. Our patents include the original one-piece tracking
technology from the 1990s, an approach counter-intuitive to the offender GPS
technology at that time that has since become the preferred standard for
offender tracking. While STOPs focus is providing one-piece GPS devices and
services directly to governmental agencies, we also pride ourselves in being
in the position to supply technology and intellectual property to this
growing industry.” Mr. Logan added, “We are very pleased to have reached an
agreement with RemoteMDx and SecureAlert, and believe this positions each
company to better serve the offender tracking marketplace through enhanced
and ever-evolving technologies.”
Today, Russel Dorsett, President of the Life
Insurance Settlement Association (LISA), released the following statement:
“On February 3, 2010, the American Council of Life Insurers (ACLI)
published a recommendation that the securitization of life settlements be
prohibited by legislation or regulation. This is an extraordinary
pronouncement from an industry that has consistently asserted that there is
a legitimate place for life settlements in the market and that life
settlements are a valuable financial tool for seniors. The recent ACLI
position is not only an affront to the principal of free and open capital
markets, but it cynically portrays them as a protector of consumers, when
in fact, their objective is to deprive consumers of their right to receive
a true market value from a financial asset: a life insurance policy which
is no longer needed, wanted, or affordable; one for which they have paid
good money, often for many years.
“This recommendation is sensationalistic nonsense, larded with
half-truths leavened by out-right lies. The ACLI knowingly attempts to
confuse not only the public but public policymakers by equating legitimate
life settlements with stranger-originated life insurance (STOLI) while
characterizing the licensed and regulated intermediaries involved in the
life settlement industry as STOLI promoters preying upon seniors.
“The reality is that STOLI is a primary market problem, whereby a new
insurance policy is applied for and issued in the absence of a valid
insurable interest. In that context, the real STOLI promoters are
unscrupulous life insurance agents appointed by the very companies that
constitute the membership base of the ACLI, as well as the life insurance
companies themselves when they fail in their most fundamental underwriting
responsibility: to establish a clear and valid insurable interest at the
inception of the policy. LISA has consistently supported legislation in
the states which makes clear to all parties that improper origination will
result in a permanently invalid policy and to ensure that Insurers carry
out their responsibilities at origination, not many years after issuing the
policy.
“From a secondary market perspective, stranger-originated life insurance
simply does not make financial sense. A newly issued life insurance policy
which has been properly priced and underwritten has no value as a life
settlement. Nor will it have any value in two years — or five years –
unless the insured undergoes a substantial change in health. The notion
that the securitization of life settlements would create a pool of capital
dedicated to creating worthless life insurance contracts flies in the face
of economic logic.
FORT LAUDERDALE, Fla. — MEDNAX, Inc. (NYSE: MD), the national medical group providing
hospital-based neonatal, anesthesia and pediatric physician services and
office-based maternal-fetal and pediatric cardiology physician services,
reported earnings per share for the three months ended December 31,
2009, of $1.07 on a GAAP basis, or $1.00 per share when adjusted to
exclude the favorable impact of a legal settlement and lower tax rate
for the period.
“Our results for the 2009 fourth quarter reflect a Company that
continues its successful execution of a proven growth strategy that
attracts physicians to our national group practice and delivers ongoing
operating efficiencies,” said Roger J. Medel, M.D., Chief Executive
Officer of MEDNAX, Inc. “These operating results demonstrate our
financial strength, including our solid balance sheet and cash flow from
operations, which gives us confidence in our ability to grow our
operations and to provide value-added services to physicians.”
For the three months ended December 31, 2009, MEDNAX’s net patient
service revenue was $333.3 million, up 12 percent from $297.8 million
for the comparable 2008 period, and included strong growth from
acquisitions, as well as organic growth.
Overall same-unit revenue grew by 4.6 percent for the 2009 fourth
quarter over the prior-year period. Growth from reimbursement-related
factors was 2.7 percent, and the percentage of services reimbursed under
government programs was essentially unchanged from the 2009 third
quarter. For the 2009 fourth quarter, same-unit revenue growth
attributable to patient volume was 1.9 percent across all of the
Company’s services. Patient volume at neonatal intensive care units
(NICUs) staffed by the Company’s physicians was essentially flat,
declining by 0.1 percent for the 2009 fourth quarter when compared to
the prior-year period.
When presented on a GAAP basis, MEDNAX’s results from operations for the
three months ended December 31, 2009 include items that make comparisons
difficult. MEDNAX believes that comparisons to prior periods should be
made on a non-GAAP basis after adjusting the following items:
sell structured settlement