form_8k-051602
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report: May 16, 2002
Medix Resources, Inc.
(Exact name of registrant as specified in its charter)
Colorado 0-24768 84-1123311
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
420 Lexington Avenue, Suite 1830 , New York, NY 10170
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 697-2509
Item 5. Other Events. Press release dated May 16, 2002, announcing Completion of Private Placement.
Press release dated May 16, 2002, announcing First Quarter Results
Exhibits
99.1 Copy of Press Release
99.2 Copy of Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEDIX RESOURCES, INC.
Date: May 16, 2002 By: /s/ Patricia A. Minicucci
Executive Vice President
Exhibit 99.1
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News Release
CONTACT:
John Prufeta
(212) 697-2509
(212) 681-9817 (fax)
Andrew Brown
(718) 323-7424
MEDIX RESOURCES ANNOUNCES COMPLETES $1,381,000 PRIVATE PLACEMENT
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NEW YORK, May 16, 2002 - Medix Resources, Inc. (AMEX: MXR) today announced
that it completed a private placement of units containing shares of its common
stock and warrants to purchase additional shares of common stock, totaling
$1,381,000. 3,452,500 shares of Medix common stock at an exercise price of $0.50
per share were issued as a result of the private placement. The proceeds of the
private placement will be used as working capital, and to fund the deployment of
the Cymedix product technologies into the Georgia marketplace, the company's
first target market.
The securities described above have not been registered under the
Securities Act of 1933, as amended, or any applicable state statute, and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements. Medix has agreed to register the
common stock sold in the offering and the common stock issued upon exercise of
the warrants.
# # #
Information in this press release contains forward-looking statements that
involve risks and uncertainties that might adversely affect Medix's operating
results in the future to a material degree. Such risks and uncertainties
include, without limitation, the ability of Medix to raise capital to finance
the development of its software products, the effectiveness and the
marketability of those products, the ability of the Company to protect its
proprietary information, and the establishment of an efficient corporate
operating structure as the Company grows. These and other risks and
uncertainties are presented in detail in the Company's Amended Form 10-K for
2001, which was filed with the Securities and Exchange Commission on April 5,
2002. This information is available from the SEC or the Company.
Exhibit 99.2
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News Release
CONTACT:
John Prufeta
(212) 697-2509
(212) 681-9817 (fax)
Andrew Brown
(718) 323-7424
MEDIX REPORTS FIRST QUARTER RESULTS
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New York, May 16, 2002 - Medix Resources, Inc. (AMEX: MXR) today announced
the Company's financial results for the first quarter ended March 31, 2002.
Revenue from continuing operations totaled $10,000. Net loss for the first
quarter was $1,677,000 or $.03 per common share, compared with a net loss of
$2,259,000 for the first quarter of 2001, or $.05 per share resulting in an
approximately 40% decreased per share year over year. Selling, general and
administrative expenses decreased approximately $1,021,000 from $1,911,000 for
the three months ended March 31, 2001 to $890,000 for the three months ended
March 31, 2002, an approximately 50% decrease year over year.
As of March 31, 2002 the company had $307,000 in cash compared with
$412,000 at the same point in 2001.
John R. Prufeta, President and CEO of Medix commented, "Medix has strived
to focus resource investments in core product and market development activities.
From the first quarter 2002 to the present, we have assembled the necessary
elements to launch in Atlanta and in future markets by completing key customer
integrations, launching our Cymedix III transaction suite and making primary
investments in our regional operations in Georgia".
About Medix Resources, Inc.
Medix Resources, Inc., through its wholly owned subsidiary Cymedix Lynx
Corporation, is the developer and provider of the Cymedix(R) suite of fully
secure, Internet based transaction software products, that enable communication
of high value added healthcare information among physician offices, hospitals,
health management organizations and health insurance companies. Additional
information about Medix Resources and its products and services can be found by
visiting its Web sites, WWW.MEDIXRESOURCES.COM and WWW.CYMEDIX.COM or by
calling (800) 326-8773.
# # #
Information in this press release contains forward-looking statements that
involve risks and uncertainties that might adversely affect Medix's operating
results in the future to a material degree. Such risks and uncertainties
include, without limitation, the ability of Medix to raise capital to finance
the development of its software products, the effectiveness and the
marketability of those products, the ability of the Company to protect its
proprietary information, and the establishment of an efficient corporate
operating structure as the Company grows. These and other risks and
uncertainties are presented in detail in the Company's Amended Form 10-K for
2001, which was filed with the Securities and Exchange Commission on April 5,
2002. This information is available from the SEC or the Company.
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