Date: May 09, 2012 Source: Business Wire (
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GAITHERSBURG, Md. & WESTWOOD, Mass.--(BUSINESS WIRE)--Technest Holdings, Inc. (OTCBB: TCHE) ("Technest") has merged with AccelPath, Inc. ("AccelPath" or the "Company"), a Delaware corporation and wholly-owned subsidiary of Technest, with AccelPath becoming the surviving corporation effective as of May 2, 2012. As a result of the merger, Technest has changed its name to AccelPath, Inc., reincorporated in Delaware and will trade under the symbol "ACLP" (OTCBB: ACLP). For more information on the merger, please see our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 8, 2012.
"We are excited about completing our business combination with Technest and will henceforth be identified as AccelPath. The Company continues to advance its software and hardware solutions aimed at enabling advanced tele-medical services"
"We are excited about completing our business combination with Technest and will henceforth be identified as AccelPath. The Company continues to advance its software and hardware solutions aimed at enabling advanced tele-medical services," said Shekhar Wadekar, the Company's Chief Executive Officer."
About AccelPath
AccelPath provides technology solutions that play a key role in delivering information required for diagnosis of diseases and other pathologic conditions with and through its associated institutional pathologists. The medical institutions, with whom the Company partners, prepare comprehensive diagnostic reports of a patient's condition and consult with referring physicians to help determine the most appropriate treatment. Such diagnostic reports enable the early detection of disease, allowing referring physicians to make informed and timely treatment decisions that improve their patients' health in a cost-effective manner. The Company seeks out referring physicians and histology laboratories in need of high-quality pathology interpretations and manages HIPAA-compliant digital case delivery and reporting while developing comprehensive solutions for managing medical information.
AccelPath is currently focused on the $14 billion anatomic pathology market in the US. The Company's business model builds upon the expertise of experienced pathologists to provide seamless, reliable and comprehensive pathology and special test offerings to referring physicians using conventional and digital technologies. The Company establishes longstanding relationships with the referring physicians as a result of focused delivery of its partner's diagnostic services, personalized responses and frequent consultations, and its proprietary flexible information technology, or IT, solutions that are customizable to the referring physicians' or laboratories as well as the pathologists' needs. Such diagnostic reports often enable the early detection of disease, allowing referring physicians to make informed and timely treatment decisions that improve their patients' health in a cost-effective manner. AccelPath's IT and communications platform enables it to efficiently and securely deliver diagnostic reports to referring physicians. In addition, AccelPath's IT platform enables close tracking and monitoring of medical statistics.
Technest focused on the design, research, development and integration of three-dimensional imaging devices and systems primarily in the healthcare industries which it contributes to the Company. The Company will also exploit its three-dimensional imaging technology for use in intelligent surveillance devices and systems, as well as three-dimensional facial recognition systems for security and law enforcement agencies through future strategic partnerships. Historically, the Company's largest customers have been the National Institutes of Health and the Department of Defense.
Additional Company information may be found on the Internet at:
www.accelpath.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" relating to the business of the Company, which can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "intend," "estimate," "believe," "project," "continue," "plan," "forecast," or other similar words, or the negative thereof, unless the context requires otherwise. These statements include, but are not limited to, statements about the Company's expected future performance and the acceptance of the Company's product offerings. The results anticipated by any or all of these forward-looking statements may not occur. In addition, these statements reflect management's current views with respect to future events and are subject to numerous risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in or implied by these forward-looking statements. Factors that could affect those results include, but are not limited to, the acceptance of our solutions in the marketplace, the efforts of our sales force, general economic conditions, and those described in the Company's reports on Forms 8-K, 10-Q and 10-K and proxy statements and information statements, which have been or will be filed by the Company with the Securities and Exchange Commission (the "SEC"), including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed on October 13, 2011. Many of the factors that will determine the outcome of the subject matter of this press release are beyond the Company's ability to control or predict. The Company undertakes no obligation and expressly disclaim any obligation, to revise or publicly update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Investor Relations:
AccelPath, Inc.
Robert Weinstein, 914-295-2765
Business Development
ir@accelpath.com
or
Shekhar Wadekar, 781-269-2120
Chief Executive Officer
