05/29/2012 | 08:35am
AccelPath, Inc. (OTCBB: ACLP) ("AccelPath" or the "Company") issued the following Letter to Shareholders today outlining the Company's overall business strategy and operational highlights and achievements since the beginning of calendar year 2011.
The Company's overall business strategy is to expand its core business of providing a unique, viable and efficient solution for enabling digital telepathology, while capitalizing on its 3D imaging technology. The proven 3D technology has several direct applications in digital telemedicine and will continue to be developed by AccelPath. Other related and significant applications for the 3D technology, such as security and engineering, will be developed through joint ventures both domestically and internationally.
During 2011, the Company developed its core workflow technology while negotiating client and provider agreements and establishing regional business "pods." The Company's regional presence provides a basis for its eventual national footprint. A portion of this activity enabled developing the "loop" of complete automation and digital transfer of pathology information from laboratories to skilled pathologists and back to awaiting physicians. These physicians require fast, reliable pathology reports for their patients requiring immediate diagnoses and treatment of significant diseases. The Company began generating revenues towards the end of 2010.
Selected highlights and achievements include:
- Completed base level portion of workflow IT technology. AccelPath has developed a unique and proprietary suite of HIPAA compliant software tools to enable creation, submission, and reporting of pathology cases and to provide secure online access to reports. AccelPath works with pathologists, laboratory staff and clinical office managers to design and further develop and advance the toolset. This solution is unique in its capability of handling both glass and digital slides, hence, providing an automated solution for all pathology cases. Also, the Company's technology is novel in its ability to be customized for any pathology laboratory practice or interpretation center based upon the software's modular configuration and universal interfacing with existing disparate software toolsets.
- On-going discussions with leading slide scanner manufacturing companies to enter into strategic partnerships. AccelPath is in discussions with leading slide scanner manufacturers to provide clinics and hospitals with worksite planning, technical services including software interfaces and scanner operations, network engineering, professional pathology services and post-implementation support. Scanner deployments will allow the Company to further digitize its product offerings, allowing advancement of its strategy of providing efficient, timely, fully automated, digital pathology services using existing electronic information technologies.
AccelPath is collaborating with these scanner manufacturers to facilitate any near-term regulatory approvals for scanners use in pathology interpretations. Regulatory approval for scanners will complete the pathology digitalization "loop," allowing the Company to be a leader with a complete work flow solution and transmission solution for the pathology market.
- Developing inter-site telepathology network. The Company is working with a significant, expanding hospital system in Massachusetts. AccelPath has been approached to develop, implement and manage an intersite telepathology network for optimization of resources across multiple hospital locations.
- Completed administrative components of merger. In May 2011, the Company changed its name from Technest Holdings, Inc. to AccelPath, Inc., which reflects its current business focus. Commensurate with its name change, the Company changed its trading symbol to "ACLP."
- Increase customer base and branding. This will allow the Company to continue expanding its footprint nationwide as a recognized reliable, efficient and high-quality provider of digital pathology technology.
Since AccelPath was formed, the Company has been able to achieve its growth and infrastructure development objectives. Management believes the remainder of 2012 should be another exciting period for AccelPath, particularly as the Company expects to further implement its digital pathology workflow solution, continue to expand its services and increase customer penetration while forming strategic alliances. In addition, the Company will take advantage of the 3D technology as it relates directly to digital telemedicine, while developing the non-core 3D imaging technology applications with strategic partners. With its experienced management team, AccelPath expects to meet these established objectives for 2012.
(Added links and graphic above not part of original letter)