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InfoLogix, Inc. Completes $17 Million Private Placement |
InfoLogix, a leading provider of mobile technology solutions for the healthcare and commercial markets, has announced the completion of a $17 million equity-financing round, supported by placement agent Ferris, Baker Watts, Inc. In a concurrent transaction, the company has announced that it has completed a merger with New Age Translation, Inc. As a result of the merger, New Age has changed its name to "InfoLogix, Inc".
"2006 has been a monumental year for InfoLogix," said David Gulian, Chief Executive Officer and co-founder of InfoLogix. "We have been recognized by Entrepreneur Magazine as the sixth fastest growing company in the nation, and have reached significant milestones in installing over 1,900 customer solutions and 1,100 solutions specifically for hospitals. With $17 million of equity financing behind us, we can confidently execute our growth strategy as a public company," David said.
David noted that the market for healthcare and RFID-based solutions continues to witness exceptional growth. "Our RFID-based software, infrastructure, and services solution portfolio is poised to take advantage of this market opportunity," he said.
The Company plans to use the funds to accelerate organic growth by growing its direct sales force and expanding its business development efforts. The funds will also be used to make select acquisitions in order to broaden its professional services capabilities and intellectual property portfolio, and to retain a cash reserve adequate to support future working capital requirements.
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