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Company to buy telemedicine staffing firm

May 23 2013

Net Medical Xpress Solutions, Inc., (OTCBB: NMXS), a telemedicine software and services provider based in Albuquerque, N.M., signed a letter of intent to acquire MedTel Solutions, a physician staffing agency specializing in recruitment of telemedicine physicians based in Huntsville, Ala.

Net Medical Xpress expects to complete its due diligence and close the acquisition by June 30. Terms have not yet been announced. The new division will operate as Net Medical Xpress Staffing and all MedTel executives will remain in the new structure in their current positions.

“This new formation will provide Net Medical access to a national network of physicians,” said Jason Sowash, CEO of MedTel Solutions. “In addition, MedTel will continue to recruit not only primary care physicians, but expand its network to all medical specialties to meet the ever growing demand for physicians in the telemedicine sector.”

Net Medical Xpress last week reported first quarter 2013 revenue rose 32.3 percent to $1.2 million from $923,000 reported in the first quarter of 2012. Net income was $53,000 versus a loss of $23,000 in the same quarter last year.

With the acquisition, Net Medical will operate four telemedicine units: Net Medical Xpress Solutions Inc., providing software development, infrastructure and networking services; Net Medical Xpress Services, a teleradiology diagnostic service; Net Medical Xpress Specialists, a clinical service for hospitals needing neurologists, psychiatrists and cardiologists for telemedicine; and Net Medical Xpress Staffing, providing telemedicine physician recruiting and staffing.

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