1. Most Discussed
  2. Gainers & Losers
AHL 2.1¢

*** int alert *** $2.8million contract

  1. Sabretoothed

    34,500 Posts.

    11 September 2003

    The Manager - Companies,

    Australian Stock Exchange Limited,

    Stock Exchange Centre,

    530 Collins Street,

    MELBOURNE Vic. 3000

    Dear Sir,

    JOINT VENTURE SECURES CONTRACT

    Intermoco Limited ("Intermoco") announces the signing of a Claims Outsourcing Agreement between

    SPK Healthline Sdn. Bhd. ("SPKH"), a Malaysian joint venture company, and a major provider of

    healthcare services in the United States.

    This initial contract, which will generate annual gross revenues of approximately $2.8 million, is due

    to commence soon after completion of the data processing facility in Kuala Lumpur. This facility is

    nearing completion and is expected to become fully operational shortly. This contract is the first of a

    number of outsourcing contracts which SPKH anticipates will commence during the next 12 months.

    This contract is the first major outsourcing contract to be signed following the execution by the

    parties of the Master Outsourcing and Services Agreement earlier this year. Under the Agreement,

    SPKH will provide imaging and data entry services, medical / surgical claims processing, and a

    responsive service to a major United States based healthcare client.

    As announced to the Market in March 2003, SPK Healthline Sdn. Bhd. is a joint venture company

    established by SPK Engineering Services Sdn. Bhd., Healthline Systems Inc., a leading US software

    house specialising in the development of integrated healthcare applications and Inter Virtual Systems

    Sdn. Bhd., a specialist in IT healthcare systems. Intermoco, through its 49 percent direct interest in

    SPK Engineering, is a significant shareholder of SPKH and has to date contributed approximately

    $1.7 million (US$1 million) in working capital funds to the business. Intermoco has the opportunity

    to increase its equity interest in the joint venture during the first year of operation.

    This Claims Outsourcing Agreement will provide an ongoing revenue stream to Intermoco over the

    initial five-year life of the contract. The Agreement also provides the opportunity for additional

    services to be outsourced to SPKH.

    Any questions relating to this announcement should be directed to me or Mr. Tom Howitt, Company

    Secretary, on (03) 8080 8788.

    Yours sincerely,

    INTERMOCO LIMITED

    MARTIN YII

    Managing Director

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.