Sydney, July 27, 2006 AEST (ABN Newswire) - IBA Health Limited (ASX: IBA) Australia's largest ASX listed eHealth company announced today the completion of the acquisition of the intellectual property rights of Monet Technologies primary care and enterprise wide clinic solutions as part of its strategy to accelerate entry into the Asian community medical centre and clinic market.
Under the terms of the acquisition agreement IBA issued to Monet 2.35 million IBA shares (50% escrowed for one year). In addition IBA issued 5 million options over IBA shares at an exercise price of 85 cents, subject to performance. The earliest date for the exercise of these options will be July 2008.
Steve Garrington, CEO of IBA Health said "Monet already provides IBA with a substantial primary care business in Australia, including Australia's largest GP network. Across Asia, the Monet solution will provide complementary product to IBA's hospital solutions allowing IBA to access the community medical centre market - one of the largest health growth markets in Asia."
Executive Chairman of IBA Health, Gary Cohen said "this is the second of the three transactions we announced in May 2006 that has now been completed. These transactions strengthen our position across Asia and will provide a base for ongoing profitable revenue growth."
Contact
Gary Cohen
Phone: +61 2 8251 6700
Steve Garrington
Phone: +61 2 8251 6700
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