Jun 8 2010
AMHN, Inc. (OTCBB: AMHN) (the "Company"), announced today that it entered into a Letter of Intent ("LOI") with Gordon Communications, Inc., a Delaware corporation, to acquire Spectrum Health Network, Inc. ("Spectrum"). Spectrum is a digital signage waiting room network built for the multi-specialty group practice and independent physician associations. Spectrum was developed to be an extension of the medical practice, enabling the group practice to relay custom produced health-specific educational based content to patients while waiting for their physicians. Spectrum provides its clients with a powerful tool for practice enhancement, patient communications and as a viable method to deliver patient-directed educational initiatives.
“Spectrum will be a perfect complement to America's Minority Health Network and will expand our reach in patient-specific health education. Currently, Spectrum has more than 125 live locations with another 150 waiting to be installed and brought online.”
The Company is the parent company of America's Minority Health Network, Inc. ("America's Minority Health Network" or the "Company's subsidiary"), the only place-based provider of digital video education for medical practices who primarily serve the African-American population in the United States.
Robert Cambridge, the Company's Chief Executive Officer, stated, "Spectrum will be a perfect complement to America's Minority Health Network and will expand our reach in patient-specific health education. Currently, Spectrum has more than 125 live locations with another 150 waiting to be installed and brought online."
The terms of the LOI includes the acquisition of all of Spectrum's assets and liabilities, and 100% of the outstanding common stock of Spectrum (the "Spectrum Shares") in exchange for shares of the Company's Common Stock (the "AMHN Shares"). The number of AMHN Shares to be issued in exchange for the Spectrum Shares will be determined upon the completion of due diligence and prior to the preparation of a definitive agreement between the parties. The Company intends to close the definitive agreement prior to July 15, 2010.
Source:
America's Minority Health Network, Inc.
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