Diabetes123.com Acquires Childrenwithdiabetes.com and Begins Expansion Process
CALABASAS, Calif., June 21 -- Diabetes123.com announced today that it has completed the takeover of the internet site "Childrenwithdiabetes.com," the number 1 Internet site for Diabetes in the world. Daniel Lezak, Chairman, indicated that the $8 Million transaction, all stock, was consummated recently with the non-profit organization "Children With Diabetes." The acquisition of the site was accomplished to fulfill the mission statement of Diabetes123, which in part is to provide the most comprehensive information data base and a substantial product line for the full spectrum of Diabetes. That includes type 1, that the previous site concentrated on, and type 2 and gestational diabetes as well, said Lezak. Jeff Hitchcock, President and CEO, stated that for years now the previous site concerned itself with the accumulation of data required to combat this affliction. He said, "This is an information required disease and we wanted to make that information available to all that wished to peruse it." Hitchcock also indicated that he had put together as good a "D-Team" as is available in the world today for the purpose of disseminating this information data base and responding to queries from those participating in the many chat rooms on the site.
Lezak indicated that a private placement memorandum is being circulated and sufficient dollars have been subscribed to kick off the program; however, he indicated that further funding would be needed and that the goal was to have an IPO as soon as the underwriting community feels appropriate. Both Lezak and Hitchcock indicated that the great team of professionals that are involved are being motivated to continue and improve their outstanding contributions by the potential values that they expect to bring through the strategic alliances that exist and the introduction of products, educational programs and membership opportunities through the Internet site.
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Last Updated: Thursday August 29, 2002 21:02:18
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