FOR IMMEDIATE RELEASE — February 2, 2010 — Lewisville, TX — CareView Communications, Inc. (“CareView” or the “Company”)(Pink Sheets: CRVW), an information technology provider to the healthcare industry, announced today that it executed a $5 million Lease Line of Credit provided by Fountain Partners of San Francisco (”Fountain”). Under this lease line, CareView will lease installed CareView Systems™ from Fountain and will repay the draws on the lease line over a period of three years.
“CareView has established a valuable risk management system for hospitals and Fountain Partners is pleased to take a leadership position in financing the company’s growth,” said Fountain’s founder and managing partner Tom Carter.
The CareView System™ is a suite of products that brings the information technology of the 21st century directly to patients, families and healthcare providers by connecting them through one easy-to-install and simple-to-use system. This collaboration will allow the hospitals and other healthcare facilities to provide:
- The ability to implement audit tools to ensure that quality standards are being adhered to, safety measures are being complied with, as both can be used to further educate caregivers to continually enhance quality and safety for their patients.
- Doctors, nurses and other healthcare providers with the ability to efficiently and cost-effectively monitor, treat and visit their patients.
- Family members and friends with the ability to use the Internet to monitor, visit, and correspond with their loved ones who are patients.
- Patients and their visitors with direct access to on-demand high-speed Internet and first run movies in their rooms.
“With each CareView System™ costing approximately $1,000 per unit, the funding of Fountain’s lease line will provide us with the ability to continue our rapid roll out of the CareView System™ in hospitals throughout the United States,” stated Samuel A. Greco, CareView’s Chief Executive Officer.
Steve Johnson, President of CareView added, “Fountain Partners is providing CareView capital for growth without the degree of dilution our shareholders would incur with an equity placement. We were attracted to Fountain because of their expertise in our industry and knowledge of our product’s potential. We are very pleased that Fountain reached out to us and took the time and effort to understand our Company and the CareView System™.”
About CareView Communications, Inc.
CareView has created a proprietary high-speed data network system that can be deployed throughout a healthcare facility using the existing cable television infrastructure. This network supports CareView’s Room Control Platform (RCP) and complementary suite of software applications designed to streamline workflow and improve value-added services offered to customers. Real-time bedside monitoring and point-of-care video monitoring and recording improve efficiency while limiting liability, and entertainment packages and education enhance quality of stay. This technology may also act as an interface gateway for other software systems and medical devices moving forward. CareView is dedicated to working with all types of hospitals, nursing homes, adult living centers and selected outpatient care facilities domestically and internationally. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, Texas, 75067. Questions may be directed to John R. Bailey, Chief Financial Officer at (972) 943-6050. More information about the Company is available on the Company’s website at www.care-view.com.
About Fountain Partners
Fountain Partners is a trusted funding source specializing in equipment leasing for venture, growth and expansion stage businesses throughout the United States of America. By focusing on financing fixed assets, the San Francisco-based investment firm can complement any existing debt or equity capital structure and do so without requiring equity enhancements or blanket liens. Fountain Partners considers investments in companies at any stage, from pre-revenue to large publicly traded companies sourced from a broad network of entrepreneurs, angel investors, venture capitalists, interim CFOs, equipment leasing brokers, venture debt funds and other traditional and non-traditional lenders and equipment leasing companies. For additional information, please visit www.fountainpartners.com or contact Stephanie Breslin by e-mail at s.breslin@fountainpartners.com or by phone at 650-248-9590.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of CareView Communications, Inc. Certain statements in this release and other written or oral statements made by or on behalf of the Company are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company’s services and projects and the Company’s continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
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