Northern, WI 1/23/12 (StreetBeat) -- VeriTeQ Acquisition Corporation, a leader in implantable, radio frequency identification for humans and animals, announced today it has signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. (PK: CTYX) and its wholly owned subsidiary Connectyx Technologies Corp. (“Connectyx”), the manufacturer and distributor of the MedFlash®, an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records (PHR). Upon consummation of the merger, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink Market, under the new ticker symbol “VTEQ.”VeriTeQ focuses on three main areas: patient identification and personal health record (PHR) access through implantable RFID technology and the Health Link web-based PHR; implantable sensor applications; and identification of medical devices within the body. VeriChip is the first and only FDA-cleared RFID implantable microchip for humans and patient identification.
MedFlash was launched in 2007 and has thousands of active members across the U.S. MedFlash is sold by leading membership organizations and retail outlets, including portions of national drug store and grocery store chains. MedFlash has multiple methods of emergency access to a member’s PHR, including a toll-free number, smart phone access, internet access, USB flash drive access, and Quick Response codes. The merger with VeriTeQ would provide for an additional method of access via the VeriChip implantable microchip, guaranteed to always be with a patient. In addition to MedFlash, Connectyx, which has an existing revenue stream, is developing its social network health and wellness platform, PHRToday, and its consumer pet network, Petclub.
On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation (OTCBB: PSID). PositiveID has retained a 10 percent ownership interest in VeriTeQ.
Scott R. Silverman, Chairman and CEO of VeriTeQ, stated, “With a renewed focus on implantable RFID for humans and animals, VeriTeQ was recently formed to lead healthcare to a long overdue technology paradigm. With this merger, VeriTeQ will gain a partner with a similar view towards health and wellness. On day one, the combined company will have a revenue stream and we plan to uplist to the Bulletin Board in the near future.”
Ronn Schuman, President and CEO of Connectyx, said, “We are very excited to merge our companies and work with Scott and his team to continue to grow MedFlash and focus on strategies to increase awareness of our company and our products. As we complete development of our MedFlash, PHRToday and Petclub networks, we believe the proposed merger with VeriTeQ will afford us the ability to offer a complete suite of services for people, their healthcare needs and their pets.”
The proposed merger between VeriTeQ and Connectyx is contingent upon, among other things, completion of due diligence, negotiation and execution of a merger agreement, and approval by the companies’ Boards of Directors.
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