CareView closes $20 million financing with HealthCor

Apr 25 2011

CareView Communications, Inc. ("CareView" or the "Company") (OTCQB: CRVW), an information technology provider to the healthcare industry, announced that it has closed a $20 million financing with funds managed by HealthCor Partners Management, L.P. and HealthCor Management, L.P. (together, "HealthCor"). The financing involved the issuance of senior secured convertible notes in the aggregate principal amount of $20 million together with common stock purchase warrants. HealthCor is a leading investment manager in the healthcare and life sciences sectors.

CareView's President, Steven G. Johnson, stated: "We have been exploring business opportunities with HealthCor for some time now and are eager to move forward in our new partnership with them. HealthCor's extensive knowledge of the healthcare industry and its service providers will enable CareView to quickly achieve its goals to be an industry leader for healthcare technology. We are extremely gratified that HealthCor has chosen to align itself with us for the long term."

Johnson further stated: "This is a huge step and a significant component for CareView to be in a position to move the Company into profitability. With the HealthCor funding in place and a strong sales pipeline, CareView now has the necessary elements to execute on its business plan. It is our intent to leverage this transaction to fund further growth without additional near-term dilution to the shareholders."

HealthCor's Senior Managing Director, Jeffrey C. Lightcap, stated: "We are very excited to be able to play a part in helping CareView move forward to capture their targeted market. CareView's technology provides a much-needed service and stands to revolutionize the way that most hospitals provide patient care."

The CareView System™ is a high-speed data network system that can be deployed in healthcare facilities using the facility's existing cable television infrastructure. This network supports the Room Control Platform located in each room with its complementary suite of software applications designed to streamline workflow and improve value-added services. The Room Control Platform is a microprocessor-based system consisting of a hard disk drive, cable modem, NTSC infrared camera and related controls, microphone, USB ports, wireless keyboard and wireless remote control. It allows real-time bedside and point-of-care video monitoring and recording designed to improve efficiency while limiting liability for healthcare facilities.

Source: CareView Communications, Inc.