HATBORO, Penna. - December 1, 2006 -
InfoLogix, a leading provider of mobile technology solutions for
the healthcare and commercial markets, announces the completion of a $17
million equity financing round. In a concurrent transaction, the Company
announced that it completed a merger with New Age Translation, Inc.
("New Age"). As a result of the merger, New Age has changed its name to
"InfoLogix, Inc."
"2006 has been a monumental year for InfoLogix," said David Gulian,
Chief Executive Officer and co-founder of InfoLogix. "We have been
recognized by Entrepreneur Magazine as the sixth fastest growing company
in the nation, and have reached significant milestones in installing
over 1,900 customer solutions and 1,100 solutions specifically for
hospitals. With $17 million of equity financing behind us, we can
confidently execute our growth strategy as a public company."
Gulian noted that the market for healthcare and RFID-based solutions
continues to witness exceptional growth. "Our RFID-based software,
infrastructure, and services solution portfolio is poised to take
advantage of this market opportunity."
The Private Placement Offering
Under the terms of the financing, the Company sold 8.5 million shares of
its common stock at $2.00, for an aggregate value of $17 million. The
Company plans to use the funds to accelerate organic growth by growing
its direct sales force and expanding its business development efforts
focused on a channel-partner strategy, to make select acquisitions to
broaden its professional services capabilities and intellectual property
portfolio, and to retain a cash reserve adequate to support future
working capital requirements.
About InfoLogix
As a market leader in Enterprise Mobility Solutions for the healthcare
and commercial marketplace, InfoLogix utilizes the industry's most
advanced wireless information technology to enable customers to increase
the efficiency and effectiveness of customer care. InfoLogix utilizes
the latest in RFID, wireless infrastructure, and embedded software and
computing technology to deliver solutions to over 1,100 hospitals and
1,900 clients. With over seventeen patents, InfoLogix provides software,
services, and technology infrastructure to clients needing Point-of-Care
and Point-of-Activity solutions that help reduce costs and/or increase
revenue.