CST: 29/09/2016 15:23:00   

Millennium HealthCare Announces Plan for Re-Organization, Focus on Network

189 Days ago

MELVILLE, NY--(Marketwired - Mar 24, 2016) - Millennium HealthCare, Inc. (OTCQB: MHCC), a developer and distributor of advanced healthcare services and innovative medical technologies, today announced plans for a structural re-organization of the Company that leverages the core strength of its own "in-house" network of private medical practices, primary care physicians (PCPs), clinics and hospitals.

According to Dominick Sartorio, Executive Chairman of Millennium, the re-structuring of the Company is being spearheaded by Louis J. (Lou) Resweber, the newly appointed Chief Executive Officer of Millennium.

"Lou brings our team over 30 years of experience in corporate turn-arounds and re-organizations. In his past positions his work has translated into increased profitability and enhanced shareholder value, and we look forward to his leadership at Millennium," stated Dominick Sartorio.

Resweber is the former Chairman of Westmark Group (which grew from a local lender to a nationwide financial underwriter); President of Network Acquisition (which expanded from a regional phone company to a nationwide carrier); and Founder and CEO of Pelican Security Network (which grew from a start-up into the nation's 36th largest electronic security provider, in an industry with over 14,000 licensed providers).

As part of this "re-launch," Resweber will re-organize Millennium into two distinct operating divisions:

  • Millennium Services Division  -- A consistent generator of positive cash-flow, this segment of the business would require lower capital expenditure, and yield higher margins, by offering value-added management consulting and business development services to physicians. The Services Division would include: (a) advanced clinical laboratory testing services; (b) sophisticated communications, systems integration, call management and emergency dispatch services; and (c) medical coding and billing services, with a focus on compliance and reimbursement for doctors and physician's practices.

  • Millennium Products Division  -- Meanwhile, supported by the cash flow of the Services Division, management would be able to continue to focus on the manufacturing and selling of revolutionary medical devices and equipment that provide early detection of some of the primary health care concerns in this nation, including cancer and heart disease. The Products Division would provide long-term sustainable profitability and would continue to grow by offering clinically-proven products that provide quick, highly-accurate, non-invasive and painless screenings that are both FDA approved and fully reimbursable.

As a result of this re-organization, medical devices from Millennium's new Products Division would be available through two distinct distribution channels -- (1) Millennium's own "in-house" association of doctors, practices and clinics; and (2) the Company's newly-established alliances with some of the largest and most successful third-party distributors of medical devices and services in the nation.

"The low-cost, high-margin 'network' strategy that we are putting into place at Millennium is quite similar to the game plan we successfully implemented at Westmark, at Network, and at Pelican," said Resweber.

He added, "Here again, the entire re-organization -- and the complete "re-launch" of Millennium -- will be built upon the solid foundation of Millennium's greatest asset: its powerful physicians' network."

"Indeed, Millennium's core strength is its own proprietary coalition of doctors, PCP practices, clinics and hospitals," Resweber stated. "With that said, our very next goal will be to build upon this rock-solid backbone - and further expand upon Millennium's alliance of practioners on the East Coast -- by replicating this same path to success in the Southeastern and Gulf South Regions of the nation."

"Ultimately, established third-party distribution networks will enable us to further manage and control our costs, and enhance shareholder value, while providing for seamless synergy between our two operating units, as our Services Division will be able to provide practitioners with preferential access to the pioneering cancer and heart disease screening devices manufactured by our Products Division," Resweber said.

About Millennium Healthcare Inc. ( www.millenniumhcs.com )
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides hospitals, primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge technology driven applications, systems and medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 
This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.

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