Rx Remedy Inc. to Launch A New Internet Business -- The HealthSCOUT Network
Reveals new strategy to add value to all Internet health transactions
Westport, Conn., June 7, 2000 Rx Remedy, Inc., a leading provider of consumer health information and interactive tools (Health-Life Services), today announced plans to consolidate its communications and e-Health businesses into a company called The HealthSCOUT Network. The HealthSCOUT Network will have an independent capital structure. The change, subject to investor approvals, will take place by the third quarter 2000.
"The new name describes the company's growing and far-reaching presence on the Internet. It also defines its position as the largest online provider of Health-Life Services, which include proprietary technology platforms, content and tools that let consumers manage all their healthcare needs," said Karamjeet Paul, chief executive officer of the company.
"As a company focused exclusively on Health-Life Services, The HealthSCOUT Network, with its unique consumer connectivity model, will be better able to integrate and leverage its powerful e-Health and traditional media assets through partnerships, alliances and strategic investments with affiliates, product marketers, and other strategic parties," Paul said.
Last month, Rx Remedy announced a strategic marketing agreement with InfoSpace, Inc. (NASDAQ: INSP), making it the provider of a complete health channel for InfoSpaces affiliate network of over 3,000 Web sites and more than 24 wireless carriers worldwide. This network reaches 90% of all Internet users. The health channel will include health information and interactive applications, health management services, e-commerce for drugstore-related products and connectivity to healthcare providers and payers.
The HealthSCOUT Network will be the umbrella identity for a wide spectrum of businesses, including:
"We are currently known for our proprietary technology and the distribution of health information and interactive tools. But our long-term strategy is to aggregate health consumers on the Internet and create the next generation of eHealth offerings Health-Life Services. As our unmatched network of consumer reach and influence grows and we establish links with provider and payer connectivity partners, The HealthSCOUT Network will add value to virtually every health transaction on the Internet by allowing consumers to manage every aspect of their health simply and easily, through seamless convenience," said Paul.
Industry observers predict that the Internet will become a vast information highway that accelerates and streamlines the costly and redundant flow of data between patients, their doctors, hospitals, insurance companies and other points in the healthcare continuum. A recent Ernst & Young study calculated the healthcare industry could save $3.6 billion annually over the next five years by shifting business transactions to the Internet.
The HealthSCOUT name is already known to millions of Internet visitors. Launched by Rx Remedy, Inc. in late 1998, it brings consumers daily news, information and tools to help them manage their health. Distributed to thousands of popular sites and ISPs such as CompuServe, iWON, Yahoo!, USA Today and EarthLink, its personalized health-management tools were recently rated as "second to none" by Brill's Content, a leading communications journal.
In addition to Rx Remedy, Inc., The HealthSCOUT Network's stockholders will include InfoSpace, The Canopy Group of Provo, UT, and several strategic investors.
The HealthSCOUT Network has offices in New York City, Westport, CT, Salt Lake City, UT and San Francisco, CA and employs over 110 people.About The HealthSCOUT Network:
The HealthSCOUT Network is a leading Internet provider of consumer health information and tools (Health-Life Services) for consumers. With the implementation of the InfoSpace agreement, through partners and affiliates, nearly 6 million people at over 3,000 Web sites will have access each month to HealthSCOUT Network products, including personalized health news and information from HealthSCOUT, and wellness tools and health-management resources provided through its DoHealth unit. HealthSCOUT Informatics provides personalized disease-specific tools and assessments. The HealthSCOUT Network also publishes REMEDY, an award-winning consumer health magazine with a circulation of 2.2 million households.
Leading HealthSCOUT Network affiliates and clients include most major pharmaceutical companies, such as Johnson & Johnson, Pfizer, Merck, Novartis, Searle, and Bristol-Myers Squibb; several large consumer websites and ISPs, such as Yahoo!, InfoSpace, USA Today and iVillage; other Internet companies and retailers, such as A.D.A.M., Staywell, PlanetRx, Rexall and vitamins.com; and large employers and health plans, such as First Choice of Washington, Cigna, Harvard Pilgrim Healthcare, John Deere Company and the Federal Government.Through its proprietary syndication engine and user agent technology, The HealthSCOUT Networks goal is to add value to virtually every health transaction on the Internet. This press release contains forward looking statements, as defined under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and information as of this date and may be identified, without limitation, by use of the words "plans," "predicts," "expects," "anticipates," "believes," "estimates," "intends" and similar expressions. Rx Remedy, Inc. assumes no obligation to update any forward-looking statement. Forward-looking statements involve a number of risks and uncertainties that may affect future results, including without limitation Rx Remedy, Inc.'s ability to fund its operations and develop and launch planned and new products and services, the success of relationships with affiliates and the rate of adoption of Health-Life Services via the Internet. Readers are cautioned not to place undue reliance on any such forward-looking statements.
Other Selected HealthSCOUT News Releases
May 16, 2000: Rx Remedy And InfoSpace Announce a
Broad eHealth Initiative In a Multi-Million Dollar Multi-Year Marketing Agreement
June 7, 2000: Rx Remedy Inc. to Launch A New Internet Business -- The HealthSCOUT Network
June 15, 2000: Rx Remedy Acquires Utah Health Informatics to Create Highly Personalized Healthcare Solutions
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