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MediConnect Closes Major Funding Round, Adds Key Members to Its Board of Directors Capital and Globally Prominent Board Members Will Help Fuel the Company's Global Expansion. SALT LAKE CITY - July 11, 2006 - MediConnect Inc., a leading online medical record retrieval company for the legal and insurance industries, today announced that it has closed a major funding round and added three powerful new members - James Lee Sorenson, James LeVoy Sorenson and Dr. Naresh Trehan - to its board of directors. The close of the funding round and the addition of Dr. Trehan, James Lee and James LeVoy Sorenson to the MediConnect board of directors are designed to significantly enhance the company's effort to accelerate its increasing global presence and stature. To better reflect its strategy and refined identity, the company is also announcing the change of its name to MediConnect Global Inc. MediConnect Global's funding round was led by prominent entrepreneur James Lee Sorenson, and included pioneering medical devices inventor James LeVoy Sorenson and other individual investors. Terms of the round are proprietary, but proceeds will be used to fuel the company's global expansion through acquisitions, beginning with ZEROP Medical, LLC, and the opening of a series of international offices. The original investor in MediConnect was Salt Lake City-based vSpring Capital. "We are extremely fortunate to have added board members of extraordinary ability and stature," said Amy Rees Lewis, president and CEO of MediConnect Global Inc. "The vision, direction and relationships of James Lee, James LeVoy and Naresh will be decisive in helping MediConnect Global achieve worldwide leadership in the electronic medical record retrieval industry." James Lee Sorenson is a serial entrepreneur who has founded companies at the forefront of such major societal trends as video compression and streaming, portable infusion pain treatment and video relay services that help deaf individuals communicate with the hearing world. Sorenson Communications, sold to GTCR, was one of the largest private equity deals in the U.S. for 2005. James LeVoy Sorenson is a medical device inventor and entrepreneur who has created a host of medical devices that have become commonplace in operating rooms and clinical settings worldwide - including the first disposable surgical masks; pioneering disposable plastic catheters that extend from the veins to the heart and other internal organs; novel blood recycling systems; and the first real-time computer-based cardiovascular monitoring systems. Dr. Naresh Trehan, an internationally renowned surgeon and medical administrator, is founder, executive director and chief cardiovascular surgeon for Escorts Heart Institute and Research Center, one of the world's leading heart institutes. Dr. Trehan has served as personal surgeon to the president of India since 1991, has received numerous awards for distinguished service in medicine, and been president of the International Society for Minimally Invasive Cardiac Surgery. Dr. Trehan is also chairman of Global Health Private Ltd., through which he is building a world-class integrated healthcare facility in Gurgaon, India, currently referred to as MediCity. MediCity will spread across 43 acres of land and is fashioned after the likes of a Mayo, Cleveland, Harvard and Johns Hopkins in its basics, but intends to go beyond what any conventional medical institute has attempted. Collaborating with General Electric and other financial partners, MediCity aims to add the highest end of modern medicine to traditional forms of medicine and holistic therapies. "The globalization of medicine will require available access to patient medical records from any location in the world," said Dr. Trehan. "Mediconnect Global is uniquely positioned to offer easy, online access to an electronic copy of any patient's medical record at any time, from any location. I am delighted to join the board of Mediconnect Global in order to further our shared vision of improving global health." "I am convinced that MediConnect Global is poised to become a true global player, and could not be more pleased with the opportunity to invest in the company at this time," added James Lee Sorenson. "I look forward to serving on the board of directors during this exciting growth period for the company." In a separate, simultaneous press release, MediConnect Global announced that the company has acquired ZEROP Medical, previously the second-leading provider of medical record retrieval services for the legal industry. About MediConnect Global Inc. Contact: |
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