IRVINE, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Transax International Limited (“Transax”) (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) is pleased to announce that it has signed a new two year contract with Golden Cross Insurance for the provision of real time health claim eligibility, authorization and adjudication transactions using its proprietary “Medlink Solution”.
Golden Cross Insurance is Brazil’s third largest health insurance company with over 600,000 lives insured. Transax wholly-owned subsidiary in Brazil, TDS-Telecommunication Data Systems Ltda. has already installed over 2500 “real time” solutions for Golden Cross Insurance into medical providers locations inclusive of over 500 Point of Sales (POS) terminals and integration of some of the largest medical laboratories in Brazil. These solutions are currently generating approximately 200,000 “real time” health claim eligibility, authorization and adjudication transactions a month for Transax.
Stephen Walters, President & CEO of Transax stated, “We are delighted to be able to renew our relationship with Golden Cross, one of Brazil’s major health insurers who have seen a major benefit in reduced healthcare administration costs including claim analysis and call centre costs since using our solution. Our team in Brazil will be aggressively pursuing a roll out strategy for installation of new solutions into medical providers over the next six to nine months in order to maximize transaction volumes.”
When fully rolled out Transax expects to undertake approximately 480,000 transactions per month for Golden Cross valuing the contract at about USD5million in transaction revenues and have in place in excess of 7000 “real time” solutions in medical provider locations.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the “real-time” automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax “MedLink” solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in “real-time”. MedLink has been developed as a “Total Connectivity” solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in “real time” regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 300,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.
Web Site: http://www.transax.com/ Email: info@transax.com Investor Relations Inquiries Mirador Consulting Inc, Boca Raton, Florida Contact Casey Burt, Tel: 877-Mirador or 877-647-2367 Email: cb@miradorconsulting.com Empire Relations Group, Jericho, New York Contact Kenneth Maciora, Tel: 516-750-9719 Email: Empirerelations@aol.com
SAFE HARBOR STATEMENT “THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY’S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE “SAFE HARBOR” PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.”
Transax International Limited
CONTACT: Investor Relations, Casey Burt of Mirador Consulting Inc, BocaRaton, Florida, +1-877-Mirador, +1-877-647-2367, cb@miradorconsulting.com, forTransax; or Kenneth Maciora of Empire Relations Group, Jericho, New York,+1-516-750-9719, Empirerelations@aol.com, for Transax
Web site: http://www.transax.com/
