Quture International, Inc. (OTCQB: QUTR)(Q) today announced successful closing of its Private Placement Memorandum (PPM) to capitalize the Proctoring Component of its QualOptima product and to implement Q's Business and Strategic Plans to transition the Company from software development to revenue-based operations. Placement of the initial tranche to capitalize up to $562,500 was published on February 18, 2014, and the Company is now satisfied with capitalization of this PPM to complete and close the offering.
The Proctoring Component provides Q with an additional annual revenue potential of $572,300,000 from U.S. hospitals alone based on the size of market (5,723 hospitals and almost 17,000 Joint Commission accredited healthcare organizations).
Use of proceeds from the capitalization of this PPM is budgeted to fund development of the Proctoring Component of QualOptima, scheduled for release in the summer of 2014, will complete the Professional Practice Evaluation Application. The performance measurement/peer review and triggers applications have been developed, tested and demonstrated in the Clinical Trial with the University of Miami/Jackson Memorial Hospital and initial sales awaiting installations at three (3) hospitals. Use of proceeds is further budgeted for (1) operations, including additional staffing to hire an information technology expert with extensive InterSystems technology expertise and experience as Chief Software Architect to support Sherif Elfayoumy, Ph.D., Chief Technology Officer, and additional sales & marketing staff, (2) completion of 10-K and 10-Q past due filings and pending issues from the reverse merger of the Company, (3) patent and trademark filings, and (4) intensified marketing and sales of QualOptima, including launch of the new Quture website.
Q further anticipates subsequent capitalization from funding subsidiary companies of Quture for development of a new QualOptima application targeted at $2.5 million and completion of strategic planning for its personalized/individualized medicine subsidiary targeted at $10 million.
The Proctoring Component of QualOptima will again propel and differentiate Quture in its first mover position to transition from peer review to clinical performance and outcomes measurement in the healthcare analytics market. Proctoring is required to determine current clinical performance for all physicians and clinical practitioners using performance analytics by the Joint Commission for hospital compliance with its accreditation standards. This is the third requirement of Focused and Ongoing Professional Practice Evaluation (FPPE-OPPE). When Q introduces this next application to electronically capture clinical performance and outcomes data, its software will be even further differentiated in this mandated market.
The QualOptima Connectivity & Analytics System is the complete solution for transformative and disruptive technology to enhance clinical performance and achieve optimal patient outcomes. Use of proceeds from this new funding will be to expand the program with clinical metrics for educational and performance measurement for new medical procedures, diagnostic and treatment modalities, and new medical devices and omics. The proceeds further provide additional funding for patent protection of the intellectual property embedded in the Proctoring Application.
"Funding the Proctoring Application is exciting for Q," said Landon Feazell, Chairman & CEO of Quture, "because it expedites operations as Q begins to install the existing Performance/Peer Review Application and become revenue-based. We have been interviewing and in negotiations for the talent and skill sets we need for additional marketing and sales, installation, training and support of QualOptima. It also allows us to continue and complete patent applications for the total product array prior to installing these applications. This funding is anticipated to lead to revenue and even additional funding for continued growth of the QualOptima product to achieve its total strategic vision and planned subsidiaries. And completion of compliance for all requirements of FPPE-OPPE significantly differentiates the product and the consulting opportunities for QualVal Solutions. We will now be even more capable of re-introducing our transformative software to the hundreds of hospitals that have previously engaged Q's predecessor companies."
Feazell added: "Q looks forward to announcing not only our strategies but revenue from related development of clinical performance metrics. The Proctoring Component provides immediate access to medical device, pharmaceutical and omics companies, which significantly augments our customers for marketing and sales not only for the product and its clinical analytics metrics but for data sales in the future. Data sales are widely believed to produce as much as 12 times the revenue from licenses."
About Quture International, Inc. www.quture.com
Quture International (OTCQB: QUTR)("Q") is the proven and experienced clinical performance and outcome analytics and solutions company in American healthcare. Q's first-to-market clinical intelligence software is the complete solution for healthcare providers, payers, employers, and insurance companies seeking to achieve optimal clinical, financial and operational outcomes. Q's QualOptima Connectivity & Analytics System empowers value-driven, patient-centered, personalized care focused on real-time and predictive patient management and patient safety, with optimal quality demonstrated by outcomes correlated with resource use, revenue and cost. As an Application Partner of InterSystems Corporation, Q's software operates on their HealthShare strategic technology platform to capture, integrate, aggregate, and analyze data transformed to knowledge in Q's innovative second-generation database. InterSystems (www.intersystems.com) has customers in over 100 countries with 80% of top hospitals in America currently utilizing its technology. Q's core competence and value proposition lies in its embedded evidence-based metrics, clinical content and analytic algorithms developed from over 35 years of measuring performance in hundreds of hospitals, physician organizations and HMO's.
As the free enterprise solution to improving health and healthcare while reducing costs, Q is positioned through its disruptive technology to become the foremost global provider of value-based clinical intelligence and knowledge solutions. Q is a Nevada corporation based in Daytona Beach, Florida, and trades on the OTC exchange under the symbol 'QUTR.'
Forward Looking Statements: This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.
SOURCE: Quture International, Inc.