CALGARY, Alberta - August 8, 2001 - Remote Utilities Network, Inc. (OTCBB: - RMUN) has changed it's name to Runcorp, Inc. (OTCBB: - RUNN). Management feels the new name better reflects the company's expanding business horizons. The company is currently looking at acquisitions outside of it's previous core business. The new symbol took effect on July 16th , 2001.
In addition, David Phan, President of Runcorp reports the Company has entered into a Letter of Intent with Samson Healthcare ("Samson"), a Canadian Exchange listed company, to assist Samson in implementing and expanding their US consolidation component of its strategic business plan.
Runcorp will assist in the funding of future acquisitions and provide Samson with greater access to the US public equity and finance markets. Tom Charlton, Senior Vice President of Runcorp & President of Samson explains, "under special circumstances whereby Samson has identified a potential acquisition and due to current local market conditions can not act expeditiously, Runcorp will initiate the acquisition on behalf of Samson."
In return, Samson has agreed to promote, market and supply distribution for Runcorp's "Mediceye" Technology, a complimentary division to Runcorp's existing "Autoeye Technology". "Mediceye" is being developed as a remote wireless technology for use in the Medical field, specifically for application in Home Care and Nursing Homes for patient monitoring, utilizing "streaming real-time video" and high speed internet. "Mediceye" is anticipated to be completed and ready to market by the end of the third quarter of 2001. Runcorp believes there is a developing need for remote patient monitoring, primarily in the United States where, the 65 and older segment represented just under 13% of the total U.S. population and accounted for an estimated 40% of total healthcare expenditures in 1998. (Source: Standard and Poors September 14, 2000 / Healthcare: Products and Supplies Industry Survey).
David Phan, President of Runcorp stated, "Runcorp wishes to position itself to take advantage of the changing trends in the North American Healthcare industry, and is currently exploring different avenues to promote the technology. The association with Samson will give us both, hands on insight into the industry and distribution channels for our technology. We look forward to furthering a strategic business relationship with Samson".
Runcorp, Inc. is a Calgary, Alberta-based, publicly traded company currently in the process of assembling the capital, management resources, and marketing rights required to establish itself as a supplier of security systems for wireless multi-vehicle surveillance of motor vehicles and remote patient monitoring. In June 1999, the Company acquired, through a license agreement with Autoeye, Inc., the use of the trademarks, trade names, insignia and other indicia for the technology known as the Autoeye Multi Vehicle Surveillance System. Please visit the Company's website at www.runcorp.com for further information regarding "Autoeye" and "MedicEye".
In conjunction with the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectation. Further information on potential factors that could affect Runcorp, Inc. is included in the Company’s filings with the Securities and Exchange Commission.
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