Netsmart Technologies Announces Agreement to Acquire CMHC Systems, Inc. and Private Placement of Securities

พุธ 21 กันยายน 2548 เวลา 13:14 น.

GREAT RIVER, N.Y., Sept. 21 /PRNewswire-AsiaNet/InfoQuest

Netsmart Technologies, Inc. (Nasdaq: NTST), a leading supplier of

enterprise-wide software solutions for health and human services providers

through its wholly owned subsidiary, Creative Socio-Medics Corp. (Creative),

announced today that it has entered into a definitive agreement to acquire

Dublin, Ohio-based CMHC Systems, Inc. for approximately $13 million in cash and

435,730 shares of Netsmart common stock.

Founded in 1978, CMHC Systems delivers full suites of behavioral healthcare information management software for mental health, substance abuse, and

addiction services agencies, developmental disability centers and behavioral

health-related managed care organizations.

The transaction is subject to certain conditions and it is anticipated that the merger will be completed by the end of September 2005. Following the

acquisition, CMHC Systems and Creative Socio-Medics will operate as one company

under the name Netsmart Technologies, Inc.

James Conway, CEO of Netsmart, said, "The consummation of this acquisition is expected to effectively unite the resources of two of the largest

information technology companies in health and human services. By combining the

strengths of Creative Socio-Medics and CMHC Systems, we believe inpatient,

outpatient, institutional and community-based systems will view us as a single

source for solutions to their IT needs. We are very excited by the

opportunities that lie ahead and look forward to serving an expanded community

of agencies with proven solutions for all modalities of care."

The new combined company is expected to positively impact health and human services providers by expanding and building upon the strengths of the two

organizations and leveraging their role as leaders and innovators. In making

today's announcement, Conway emphasized that the acquisition will provide our

clients with a trusted partner now and into the future. "We anticipate that

this acquisition will better position our company to offer long-term technology

solutions," he concluded.

Under Conway's direction, Netsmart has realized 28 consecutive quarters of profitability. The company has grown to include in excess of 1,000 clients,

including 30 statewide systems.

Netsmart's customer base exceeds that of any of its competitors and it is

estimated that tens of millions of people are touched by some form of the

Netsmart product suite.

William Blair & Company acted as financial advisor and issued a fairness

opinion to the Company related to the transaction.

Netsmart also announced that is has entered into contracts with certain

institutional investors for a private placement of units consisting of an

aggregate 653,623 shares of its common stock and warrants to purchase 163,406

shares of common stock. Netsmart will receive net proceeds of $5,700,000

million which proceeds will be used for working capital; including

acquisitions. The closing of the private placement is contingent upon the

acquisition of CMHC on or before November 3, 2005. Griffin Securities, Inc.

served as the placement agent.

About Netsmart Technologies, Inc.

Netsmart Technologies, Inc., based in Great River, N.Y., is an established, leading supplier of enterprise-wide software solutions for health and human services providers, now with over 1000 clients, including 30 systems with state agencies. Netsmart's clients include health and human services organizations,

public health agencies, mental health and substance abuse clinics, psychiatric

hospitals, and managed care organizations. Netsmart's products are

full-featured information systems that operate on a variety of operating

systems, hardware platforms, and mobile devices, and offer unlimited

scalability.

Statement on Behalf of Netsmart Technologies, Inc.

Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar

expressions, as they relate to the company or its management, identify

forward-looking statements. These statements are based on current expectations,

estimates and projections about the company's business based, in part, on

assumptions made by management. These statements are not guarantees of future

performance and involve risks, uncertainties and assumptions that are difficult

to predict. Therefore, actual outcomes and results may, and probably will,

differ materially from what is expressed or forecasted in such forward-looking

statements due to numerous factors, including those described above and those

risks discussed from time to time in Netsmart's filings with the Securities and

Exchange Commission. In addition, such statements could be affected by risks

and uncertainties related to product demand, market and customer acceptance,

competition, pricing and development difficulties, as well as general industry

and market conditions and growth rates, and general economic conditions. Any

forward-looking statements speak only as of the date on which they are made,

and the company does not undertake any obligation to update any forward-looking

statement to reflect events or circumstances after the date of this release.

Information on Netsmart's or Creative's website do not constitute a part of

this release.

SOURCE: Netsmart Technologies, Inc.

CONTACT: Ron Marge of Netsmart Technologies,

1-800-421-7503, ext. 2026,

rmarge@csmcorp.com; or

Stuart Fine of Carpe DM, Inc.,

+1-908-490-0075,

stuart@carpedminc.com

Web site: http://www.netsmartech.com

--Distributed by AsiaNet (www.asianetnews.net)--

ข่าวNetsmart Technologies+PRNewswireวันนี้

Netsmart Technologies Announces Agreement to Acquire CMHC Systems, Inc. and Private Placement of Securities

GREAT RIVER, N.Y., Sept. 21 /PRNewswire-AsiaNet/InfoQuest Netsmart Technologies, Inc. (Nasdaq: NTST), a leading supplier of enterprise-wide software solutions for health and human services providers through its wholly owned subsidiary, Creative Socio-Medics Corp. (Creative), announced today that it has entered into a definitive agreement to acquire Dublin, Ohio-based CMHC Systems, Inc. for approximately $13 million in cash and 435,730 shares of Netsmart common stock. Founded in 1978, CMHC

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AsiaNet Daily Summary - Press Releases for Wednesday September 21, 2005

AGREEMENT ANNOUNCED... GREAT RIVER: Netsmart Technologies, Inc., a leading supplier of enterprise-wide software solutions for health and human services providers through its wholly owned subsidiary, Creative Socio-Medics Corp. ... ก.ย. 48

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