LOS ANGELES, April 2, 2013 (GLOBE NEWSWIRE) -- MediSwipe Inc. (www.MediSwipe.com) (OTCBB:MWIP), a data management, patient security and financial products company for the medicinal marijuana and health care industry, today announced the filing of its annual report. The Company issued the following Letter To Shareholders from the CEO, B. Michael Friedman.
As Chief Executive Officer of MediSwipe, it is with great pleasure that I address you today and review our corporate growth over 2012 as well as outline our vision for 2013. This year promises to be an opportunistic time for our company, and we intend to continue to inform our shareholders, potential investors and customers regularly of our progress. Our first priority is to aggressively roll out and commercialize our MediSwipe suite of applications and products for the medicinal marijuana and healthcare sectors as we continue to gain momentum into 2013 and the future.
Major Highlights of 2012
Last year was a challenging one, with changes in banking legislation that no longer permitted merchant processing for the medicinal sector. This posed a challenge to the foundation of our primary business model. Over the last several months, we sought vertical markets, which would be both sustainable and profitable while allowing us to best use our resources and banking network. Our initial strategy, to provide financing for elective surgeries, for patients through our seasoned banking relationships, provided the springboard for our new application development. These are now being launched in several dispensaries, provisional centers and to caregivers with approved states with medicinal legislation.
We are happy to report that we have completed the development of the Patient and Caregiver Data Management System. Also the MediCredit Patient cards, a part of this system will provide enhanced data management for the industry and patients. We shall continue to provide innovative data management solutions.
The opening of our first patient certification centers within the state of Michigan with additional centers planned for Massachusetts and San Diego shall be forthcoming in 2013. We expect to achieve an uptrend in sales as we begin to roll out what we sincerely believe to be an innovative data management business model for the medicinal marijuana sector.
Mediswipe Stored Value Cards
The Mediswipe Stored Valued Card system provides among other things, complete reporting, stored value, administrative functions, data management of patient purchases, customer bonus rewards, marketing via text messaging and HTML emails to patients. The MediSwipe alternative payment solution platform provides a POS based tablet and virtual payment alternative allowing vendors and merchants to offer a cashless transaction to patients and customers which will track all transactions as well as provide a bonus/loyalty and rewards program. The MediSwipe Stored Valued Cards may be branded to specific merchants and networked to multiple locations. MediSwipe will receive monthly fees per merchant for the complete administrative package and card load fees from each patient approved for use for the card similar to ATM fees. This system solves a number of security issues that caregivers and patients face in providing for secure transactions.
Data Management System
MediSwipe has developed a new data management solution that enables consumers to securely file, store and conveniently retrieve important documents. In addition, this system authenticates personal health documents via a secure server, cloud based system over the Internet. The DMS is a breakthrough data management product for the industry. The MediSwipe Digital Management System ("DMS") is an economical solution and easy-to-use web-based application that has the potential to appeal to a market base of at least 75 million U.S. consumers. The MediSwipe DMS is compatible with virtually all operating systems, web browsers, and file formats. Users can quickly upload or even e-fax their documents into their secure "vault", and then organize, manage, review and send document copies wherever needed, anytime via the Internet. Each provisional center, caregiver and doctor will pay monthly fees for access, maintenance and storage of patient records through the HIPAA compliant secure server database.
Patients, who have their medical records scanned to an encrypted digital patient identification card as described above, can then use the card with the MediPay kiosks. The Medipay kiosks in addition to providing alternative forms of cash payments; will also transfer and store all transactions onto the patient's identification card, thereby giving the patient a full history of all their transactions along with their medical records. MediSwipe shall receive monthly digital record storage fees similar to a virtual medical dropbox and patient portal application, as well as transaction fees similar to an ATM designed specifically around healthcare transactions. This system provides enhanced security and service for patients and care givers.
Patient Certification and Registry Services and Caregiver's Record Management Services
The first MediSwipe patient certification center now branded as "The Certification Station" is now accepting patients this first week of April 2013. Located in Washtenaw County, Michigan, the center will be the first of its kind within the state allowing patients to receive guidance in filing required documents to the state in applying for state medical marijuana ID cards. The patient will also receive consultations with doctors and physicians for state certification and digitization and management of medical records within the MediSwipe system on behalf of registered caregivers. The certification centers will also allow for a central point for the 27,000 caregivers within the state to register within the MediSwipe data management system, for maintenance and data management of the patient count of each caregiver.
The second certification center is located in Detroit, Michigan, and consists of almost 3,000 square feet for patient care, certifications and education. Three fully licensed physicians have been contracted by MediSwipe and will rotate from the two locations. MediSwipe will receive fees directly from patients for streamlining the state approval process and filing state forms to receive state ID's, as well as receive fees from doctors for appointment setting and digital record storage on their behalf.
Building on this success we have achieved, we look forward to continuing our momentum in 2013. With the development phase behind us, and the launching of our application suite in several locations, our experienced and talented management team has been actively building the Company's business pipeline. We are optimistic that 2013 will be a breakthrough year for MediSwipe.
Strategic Vision for 2013
The fastest growing segment in the Digital and Mobile Health Market is the use of mobile applications and devices to monitor patient health remotely. Patient non-compliance contributes to over $100 billion in losses annually, and prescriptions filled each year that are not taken correctly contribute to over 125,000 deaths annually in US. President Obama's re-election has further changed the landscape of the Healthcare market. Under his administration every American citizen will need to have an electronic health record in the next few years.
We look forward to completing the spinoff of 800 Commerce Inc., and providing a dividend to our loyal shareholders over the next few weeks. I believe that 800 Commerce as a separate public company with a focus on the mobile marketing and online directory business including MY800Doctor.com, MY800Lawyer.com and its MY800 platform will eventually create meaningful shareholder value as well.
Our focus on developing applications specifically for the medicinal sector which provide tracking, data storage and payment have to date have not been duplicated. With almost half the states in the nation having approved or are considering some form of medicinal marijuana legislation, MediSwipe is gaining traction. We are very excited about the opportunities we see on the horizon to provide data management and payment solutions for the industry. I am happy to report that we see new legislation moving fast to open to us new markets. There is a clear opportunity to drive top-line revenue with a commitment to building shareholder value, providing shareholders greater liquidity, and broadening the scope of investors attracted to the Company.
We see the global digital healthcare megatrend continuing to grow for many years to come and look forward to leveraging our hard work to position ourselves as a critical solution to the medicinal sector with our leading technology. The launch of our technology and applications solutions could not be better timed to take advantage of the growing patient population and marketplace.
I thank you for your continued attention and support and look forward to communicating with you again soon.
B. Michael Friedman
Chief Executive Officer
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) a data management, patient security and financial products company for the medicinal marijuana and health care industry. MediSwipe provides terminal-based service packages and an integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, Check Guarantee and elective surgery financing.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.