New Rochelle, N.Y., November 8, 2001 -- OCG Technology, Inc. (OTC
BB: "OCGT") and NetImpact Holdings, Inc. (OTC: "NTHD")
announced today that they have signed a Letter of Intent that provides
for OCGT to acquire all the issued and outstanding stock of NTHD in
exchange for OCGT stock. NTHD and OCGT believe that the integration
of their proprietary software technologies will create an extremely
powerful and flexible medical information acquisition and management
system with unprecedented comprehensive decision support analysis.
NTHD is pursuing several international healthcare programs that would
benefit from the integration of the two companies' products. NTHD
recently was selected for a major multi-year international healthcare
information management program with initial revenue projected to be
in excess of $50,000,000 per year. The company expects to receive
the contract soon.
Completion of the proposed acquisition is subject to both OCGT and
NTHD executing a definitive agreement and approval of the stockholders
of both companies. Although OCGT will be the surviving entity, the
company's name will be changed to NetImpact Holdings, Inc. The proposed
new Board of Directors will consist of Edward C. Levine, OCGT's Chairman
and President, John D. Looney, NTHD's President and CEO; Jeffrey P.
Nelson, OCGT's Executive Vice President and Secretary; John A. Paolicelli,
NTHD's Chairman and Executive Vice President; James L. Tolley, NTHD's
Vice Chairman and Executive Vice President; and James Zilli, President
of NetImpact, Inc.
Levine is a member of the New York Bar and prior to joining OCGT
was in charge of International Taxation at Laventhol & Horwath.
Looney prior to joining NTHD was President of National Solutions Corporation
and earlier held executive positions with Technology Systems Corporation
and Chrysler Corporation's Technology Division. Nelson prior to joining
OCGT was Vice President in the Asset Based Finance Division of Marine
Midland/Hong Kong Shanghai Bank. Paolicelli held executive positions
at National Solutions Corporation, Technology Systems Corporation,
the Iacocca Institute at Lehigh University, and Chrysler Corporation's
Technology Division. Tolley is retired Vice President of Public Affairs
of both Chrysler Corporation and American Motors Corporation, and
Director of Public Relations for the Chevrolet Division of General
Motors. Zilli held management consulting positions at Vitria Technology,
Inc., Cinergi Consulting Partners, the American Productivity &
Quality Center Consulting Group, and Coopers & Lybrand Management
Consulting Services.
OCGT's unique technology, PrimeCareTM System, acquires medical information
and data at the point of origin from the patient, physician, and/or
staff and analyzes it in real time. NTHD's technology is a suite of
healthcare-oriented analytical modules that can operate independently
or as an integrated data warehouse with comprehensive decision support
capabilities. The suite focuses on patient, provider, outcomes, diagnosis,
treatment, and financial data. Three of NTHD's officers have marketed
healthcare management and analytical software to the automobile industry
and insurers, including Blue Cross/Blue Shield.
NTHD is also an information technology and productivity management
company. It focuses its competence on behalf of organizations that
want to improve productivity and business analytical capabilities
by making their various software applications work together with maximum
efficiency and output.
Through it's wholly-owned subsidiary, NetImpact, Inc., NTHD has a
partnering Agreement with Vitria Technologies Inc., a leading integration
server provider, to install and maintain Vitria's BusinessWare
software. Vitria's BusinessWare integrates applications and
automates mission-critical business processes within and across the
extended enterprise, reducing time to market, shortening lead times,
lowering operating costs, and increasing customer satisfaction. Vitria
is a publicly traded company (NASDAQ: VITR) based in California. The
company's Web site is www.vitria.com.
NTHD has just completed a first phase installation and integration
of BusinessWareTM at a BP (British Petroleum) facility near Chicago.
The installation has already improved the flow and management of the
supply of refined products from BP refineries to their outlets. The
U.S. General Services Administration has listed NTHD on the GSA's
on-line, web-based purchase order system as a pre-approved vendor
of middleware systems integration for the U.S. Government.
NTHD also is developing software, code named eWeasel, that will allow
intelligent, secure, seamless access to remote computers (mainframes,
legacy systems, and client servers) via the Internet. It will enable
the user of the host computer to operate authorized remote computers
as if they were his or her own and to run jobs on them regardless
of hardware, platform, or command (JCL) operating language disparity.
OCGT and its wholly owned subsidiary, PrimeCare Systems, Inc. ("PSI")
developed, own, maintain, update, expand and market the PrimeCareTM
Patient Management System ("PrimeCareTM System") and three
Internet sites that use various sections of the PrimeCareTM System:
www.PrimeCareOnTheWeb.com, www.YourOwnDoctor.com and www.YourOwnHealth.com.
The PrimeCareTM System is an in-office client-server based, user
friendly, unique patient-physician interactive system that creates
an electronic medical record documenting the entire patient-physician
encounter. It enables the physician to obtain the patient's detailed
history of present illness ("HPI") including an alphabetical
list of the diagnostic risk considerations with the patient's answers
repeated that support each diagnostic consideration, without requiring
any physician time and prior to seeing the patient. It also allows
the physician to document the normal and abnormal physical findings,
assessment, tests, treatment plan, medications prescribed and patient
education handouts regarding disease management given to the patient.
In addition, it automatically calculates, in real time, the proper
E&M code level for Medicare and other third party reimbursement
for the office visit.
The
PrimeCareTM System contains an authoritative and comprehensive
knowledge database of approximately 275 symptom and problem oriented
patient HPI Questionnaires for the diagnostic and follow-up office
visits and collectively, over 100,000 complaint and disease state
questions, 1,600 diagnoses, 1,100 physician quick reference summaries
and 1,500 patient education handouts. The Company has migrated the
HPI Questionnaires for the diagnostic and follow-up office visits,
physician reference and patient education material, CodeComplierTM
for real time E&M code calculation and scheduler sections of the
PrimeCareTM System to its Internet Products. The Company continues
to migrate the entire PrimeCareTM System to the Internet. The Company
plans to implement connectivity with hand held, wireless and satellite
devices where appropriate and technically feasible.
PrimeCareOnTheWeb.com (www.primecareontheweb.com)
is restricted to use by registered physicians. It enables physicians
to obtain their patients' detailed HPI by having the staff select
the appropriate Questionnaire and then have their patients securely
complete, via the Internet, one or more HPI Questionnaires related
to the patients' symptoms or problems.
YourOwnDoctor.com (www.yourowndoctor.com)
is a Web community that provides individual web sites for registered
physicians to promote the physician's practices and services offered,
and provide a quick and convenient point of access for the physician's
patients.
YourOwnHealth.com (www.yourownhealth.com)
is a consumer health and wellness site that includes current medical
news, medically reviewed reference materials, and more than 100 of
PSI's most frequently used problem-specific medical questionnaires.
It also features a personal health Notebook where consumers can securely
store medical information about themselves.
OCGT is headquartered in New Rochelle, New York, and has a technical
support office in Newport News, Virginia. NTHD is located in Temecula,
California.
A Safe Harbor Statement:
The statements that are not historical facts contained in this release
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, and OCGT intends that such forward-looking statements
be subject to the safe harbors created thereby. These forward-looking
statements include predictions, estimates and other statements that
involve a number of risks and uncertainties any, or all, of which
could cause actual results to differ materially from any future performance
suggested herein. While this outlook represents OCGTs current
judgment on the future direction of the business, such risks and uncertainties
may individually, or mutually, impact the matters herein described,
including but not limited to product acceptance, economic, competitive,
governmental, results of litigation, technological and/or other factors,
which are outside the control of OCGT as well as those risks and uncertainties
detailed in the Companys Security and Exchange Commission filings.