Cytta Corp. Executes Initial Merger Agreement With ViTel Net
14 Mars 2014 - 2:00PM
Marketwired
Cytta Corp. Executes Initial Merger Agreement With ViTel Net
LAS VEGAS, NV--(Marketwired - Mar 14, 2014) - Cytta Corp.
(OTCQB: CYCA) is pleased to announce that ViTel Net
(www.vitelnet.com) and Cytta have entered into an initial Agreement
to merge all or a portion of their companies. The Agreement
envisages the integration of their respective leading edge network
connectivity, medical monitoring technologies and significant
industry expertise. Documents and technologies are currently being
reviewed and integrated solutions being developed. The legal form
of the transaction along with amount and form of consideration is
being negotiated in meetings between the parties.
"We are well on the way to
combining the unique healthcare functionality of Cytta's
proprietary smarter smartphones and remote data & voice
network, with ViTel Net's sophisticated monitoring, image
processing and MedVizer Informatics Integration Platform. This
technological combination offers the health and wellness industry
an unbeatable solution to health monitoring and management
anywhere, anytime," stated Erik Stephansen, Cytta Corp.
President.
Utilizing Cytta's open source
cellular and satellite networks to provide connectivity solutions
for world class remote monitoring technologies in multiple
industries is a crucial tenant of Cytta's go forward strategy.
ViTel Net's has been concentrating its developmental skills in
creating healthcare models for commercial and government clients.
ViTel Net's leading edge imaging and health data technologies
creates a significant opportunity for Cytta to introduce our
leading edge connectivity solutions and capabilities and to offer a
unique world class product to an already developed client base.
ViTel Net has a long and
successful track record and has built a distinguished reputation in
the telehealth field. Its MedVizer™ Informatics Integration
Platform (MIIP) makes ViTel Net's EMR display solutions the most
adaptable in the telehealth industry. MedVizer allows for easy
& quick configurations to match each client's workflow that
seamlessly integrates data from multiple sources. Adding Cytta's
specially configured smartphones and tablets, connectivity and
anywhere, anytime data movement capabilities, will significantly
expand the reach and capability of ViTel Net's products.
Our health division is focused
on working closely with ViTel Net on mobile health challenges and
we relish the opportunity to provide our unique data & voice
highway to one of the pioneers of telemedicine and telemedicine
technology. "I'm really excited by ViTel Net's ideas since they
have over 20 years in developing the larger telemedicine space we
all inhabit today," confirmed Mr. Stephansen and added, "so it was
natural to create a combined healthcare solution that streamlines
health care and provides greater access to critical patient
information at significantly less cost and effort."
About: Cytta Connect: Cytta
Connect is a Remote Data Capture highway connecting Bluetooth
devices seamlessly to proprietary mobile devices and utilizing its
mobile network to online Electronic Biometric Records (EBR) or any
other Electronic Data Depository (EDD) and from there to our
client's locations in real time. Our remote data capture system
works over our Special Purpose Network, a proprietary Global
Mobile, Satellite, and Wi-Fi open source network. The Cloud-based
data repository is automatically connected to all Bluetooth
medical, wellness and all any other monitoring devices through our
specially programmed unlocked Cytta smartphones. Our open source
EBR is for use by patients, doctors, caregivers, and health
insurers and our EDD is utilized as an online data repository in
all other industries.
About ViTel Net Since the
early 1990s, ViTel Net has pioneered the development of high
quality, adaptable telehealth technologies that allow clinicians to
remotely treat and manage patient health regardless of geographic
and time barriers. Through its unique technologies, ViTel Net
offers a broad range of standard and configurable telehealth
solutions for use in remote consultation, diagnosis and monitoring
as well as remote care delivery. ViTel Net's mission is built on
breaking down telehealth barriers to allow patient treatment and
health management in a variety of real-time scenarios. As
telemedicine becomes a more widespread -- and expected --
alternative for receiving healthcare services, our vision supplies
users with the telehealth solutions of tomorrow, today.
Forward-Looking Statements
Statements included in this press release, which are not historical
in nature, are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements relating to the future performance of the
Company are subject to many factors including, but not limited to,
the customer acceptance of the products in the market, the
introduction of competitive products and product development, the
impact of any product liability or other adverse litigation,
working capital and availability of capital, commercialization and
technological difficulties, the impact of actions and events
involving key customers, vendors, lenders, competitors, and other
risks detailed in the Company's Form 10-K for the year ended
September 30, 2012, and other subsequent Securities and Exchange
Commission filings. Such statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements. When
used in this press release, the terms "anticipate", "believe",
"estimate", "expect", "may", "objective", "plan", "possible",
"potential", "project", "will", and similar expressions identify
forward-looking statements. The forward-looking statements
contained in this press release are made as of the date hereof, and
we do not undertake any obligation to update any forward looking
statements, whether as a result of future events, new information,
or otherwise.
CONTACTS: Mr. Stuart Brame VP Corp Information Direct
780-833-4673 Office
702 307 1680 Website: Cytta.com info@cytta.com Investor and Public
Relations Contact: Jens Dalsgaard EraStar, Inc. www.erastar.com
(702) 480-9800
admin@erastar.com
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