LOS ANGELES, May 11, 2011 /PRNewswire/ — Instacare Corp.
(OTCQB: ISCR), the exclusive provider of the Shasta Genstrip, a
revolutionary diagnostic product targeted at the $20 billion
diabetes care marketplace, a leading provider of prescription
diagnostics and home testing products for the chronically ill, and
a leading developer of revolutionary cell phone centric
e-health products and technologies, today announced that its
Board of Directors has met regarding the 2nd confidential proposal
received from the NASDAQ traded company (the “Company”) recently
mentioned in a Press Release, and has for the second time rejected
the Merger Offer as inadequate in providing fair value to Instacare
shareholders.
The Board of Directors of Instacare Corp. did find more merit in
the latest proposal and thus asked Chairman Robert Jagunich to
prepare a counter proposal on behalf of the Board. Mr.
Jagunich has completed the counter offer and sent it to the
Company.
Keith Berman, CFO and Secretary of Instacare Corp. commented,
“Although the current merger proposal offers Instacare shareholders
more value and better terms than the first offer, and although this
latest proposal offers a substantial premium to the company’s
current share price, it is the Board’s belief that, based on the
Walling reports of January 24 and March 2 and Walling’s update
expected prior to May 20, the company offers more value to its
shareholders, by remaining independent.”
Mr. Berman continued, “Given the near term release of Genstrip
and an advertising and branding campaign slated to begin this
month, as well as discussions we are in with other companies,
Instacare intends to engage an investment bank to evaluate all
offers and explore possible strategic alternatives.”
For more information about Instacare Corp., Pharma Tech
Solutions, Inc. and/or its revolutionary MD@Hand cell phone centric
technologies, please visit the Instacare web site
SOURCE