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League Now Holdings Signs Letter of Intent to Acquire IDK Health(February 29, 2012)
PLANO, TX -- (Marketwire) -- 02/29/12 -- League Now Holdings Corp (OTCBB: LNWZ) announced today that it has signed a letter of intent to acquire IDK Health, an Ohio based medical claims processing company.
League Now's Chief Executive Officer John Bianco noted, "IDK has been developing new and innovative claims processing systems to improve the dispensation of medical claims, automating claim approvals and improving the speed of medical payments to doctors and hospitals, thereby dramatically reducing costs to every point in the health care system. Our objective is to acquire IDK Health and complete development of the product to speed its efficiency and deployment to the health care industry. The product will have a major impact on the health care industry. The projected return on investment for LNWZ has the potential to reach annual revenues of $50 million in 3 years."
The letter of intent signed by League Now and IDK Health contains binding provisions. The parties are working to complete a definitive purchase agreement and a closing of the transaction on or before March 30, 2012 and effective as of May 1, 2012. The Parties anticipate that all regulatory and accounting requirements will be satisfied on or before May 1, 2012.
About League Now Holdings/Infiniti Systems Group:
League Now Holdings Corp -- Infiniti Systems Group (ISG), a wholly owned subsidiary, established in 1994 provides a wide variety of IT consulting, project and security services. Infiniti was recognized nationally by Inc. Magazine's highly-coveted "Inc. 500" as one of the nation's fastest-growing private companies. ISG is a registered Federal Government contractor, a Microsoft Gold Certified Partner, a McAfee Security Alliance Elite Partner, and is a preferred channel partner for a number of other nationally recognized IT and security vendors. For more information, please visit www.infinitisystems.com.
Forward-looking statements: This release contains forward-looking statements that involve risks and uncertainties. League Now actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in League Now Annual Report on its SEC filings.
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