Wednesday, August 6, 2008

MedQuist "transaction" complete

Just found this press release on PR Newswire. It's probably a no no, but I'm going to go ahead and just put the whole article instead of messing it up by trying to summarize it.

MOUNT LAUREL, N.J., Aug. 6 /PRNewswire-FirstCall/ -- MedQuist Inc.(Nasdaq: MEDQ) today announced the closing of the transaction by Koninklijke Philips Electronics N.V. to sell its approximate 69.5% ownership interest in MedQuist to CBaySystems Holdings Ltd., a publicly traded holding company with a portfolio of investments in medicaltranscription, healthcare technology, and healthcare financial services,including CBay Systems & Services Inc., CBay Systems Private Ltd., and Mirrus Systems.

Raman Kumar, vice chairman of CBaySystems Holdings Ltd., said, "Wewelcome MedQuist to CBaySystems Holdings. With MedQuist's long-standing customer relationships, award-winning dictation and speech recognition technologies, and world-class services, I believe the Company iswell-positioned for the future. The MedQuist business model complements ourexisting portfolio of companies that continue to grow and innovate bydelivering cost-effective, high quality services to their target markets."

Robert M. Aquilina, newly appointed chairman of the MedQuist board ofdirectors, said, "This is a particularly exciting time for both CBay andMedQuist. The medical transcription market is expected to experience significant growth, fueled by favorable demographics and market trends. Ilook forward to working with the many talented people at MedQuist."

Mark Ivie, interim president and CEO of MedQuist, commented, "Ourrecent results show that the market has been very receptive to ourtechnologies and services, and we expect that the transaction will onlyhelp us build on that momentum. We see MedQuist emerging as an evenstronger company, with enhanced growth opportunities for our employees,customers, and all of our shareholders. We believe that the strategic andfinancial oversight to be provided by our new holding company will benefitall of our constituencies."

MedQuist is the largest Medical Transcription Service Organization(MTSO) in the world and a leader in technology-enabled clinicaldocumentation workflow. MedQuist's enterprise solutions -- including mobilevoice capture devices, speech recognition, Web-based workflow platforms,and global network of medical editors -- help healthcare facilities improvepatient care, increase physician satisfaction, and lower operational costs.For more information, please visit

"Safe Harbor" Statement under the U.S. Private Securities LitigationReform Act of 1995: Statements in this press release regarding MedQuist'sbusiness that are not historical facts are "forward-looking statements"that involve risks and uncertainties. Actual outcomes and results maydiffer materially from what is expressed or forecasted in forward-lookingstatements. As a result, forward-looking statements speak only as of thedate they were made, and the Company undertakes no obligation to publiclyupdate or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise.

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