Streamline Health Announces Results From Special Shareholder Meeting
ATLANTA, Nov. 1, 2012 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of SaaS-based enterprise content management, business analytics, computer assisted coding (CAC), and clinical documentation improvement (CDI) solutions for healthcare providers, today announced the approval of the measures set forth at the special meeting of shareholders held in their Atlanta office on October 31, 2012.
At the special meeting, the shareholders voted on: (1) approval of the issuance of more than 20% of the Company's common stock at a discount greater to the book or market value pursuant to conversion of the Subordinated Convertible Notes and anti-dilution provisions of warrants; and (2) approval to amend the 2005 Incentive Compensation Plan to increase the amount of shares by 500,000.
As to the approval of the issuance of more than 20% of the Company's common stock, the Company's shareholders approved the proposal by a vote of 7,378,906 shares in favor; 120,954 shares against; and 13,050 shares abstained.
As to the proposal to increase the number of shares under the 2005 Incentive Compensation Plan, the Company's shareholders approved the proposal by a vote of 8,960,280 shares in favor; 328,351 shares against; and 22,950 shares abstained.
"We are pleased that our shareholders have overwhelmingly approved the conversion of the subordinated convertible notes, which will help the company reduce debt and lower interest expense," said Robert E. Watson, President and CEO. "Additionally, the approval of an increase in the number of shares under the 2005 Incentive Compensation Plan will give us the ability to retain and recruit the talented associates we will need to support our continued growth."
About Streamline Health
Streamline Health provides solutions that help hospitals and physician groups improve efficiencies and business processes across the enterprise to enhance and protect revenues. Our enterprise content management solutions transform unstructured data into digital assets that seamlessly integrate with disparate clinical, administrative, and financial information systems. Our business analytics solutions provide real-time access to key performance metrics that enable healthcare organizations to identify and manage opportunities to maximize financial performance. Our integrated workflow systems automate and manage critical business activities to improve organizational accountability to drive both operational and financial performance. Our suite of solutions for clinical documentation improvement (CDI) and computer assisted coding (CAC) enables providers to easily coordinate CDI and health information management (HIM) initiatives while providing an immediate boost to staff productivity. Across the revenue cycle, our solutions offer a flexible, customizable way to optimize the clinical, administrative and financial performance of any healthcare organization. For more information visit www.streamlinehealth.net.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties and are no guarantee of future performance. The forward looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell the Company's products, the ability of the Company to control costs, availability of products obtained from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accountings Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry, the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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SOURCE Streamline Health Solutions, Inc.