Receivable Acquisition and Management Corp. today in a press release published a shareholder letter from CEO Max Khan. The letter details the new direction of the company, which will focus on the Health Information Technology industry. It is anticipated that this industry will grow to be a $53 Billion industry by 2014. The entire shareholder letter is shown below:
Dear Shareholders:
We began investing in distressed consumer debt in 2004, but we had difficulty to scale up to desired levels due to an extraordinary increase in prices paid for this type of consumer debt. This was followed by the massive credit crunch and deep recession. The prices have normalized but credit is still not available and unemployment remains very high. However, we have continued to operate and maintain a stable cash balance so we can capitalize on new business opportunities.
I am pleased to report to you that over the past several months we have been analyzing specific sectors of the economy that are likely to experience explosive growth over the next several years. We believe that the healthcare vertical of the information technology sector represents an enormous opportunity. Healthcare remains the most underserved and Healthcare Information Technology is estimated to grow to $53 billion by 2014; growing at a compounded annual growth of 14%. Large part of the impetus is coming from the American Recovery and Reinvestment Act of 2009 (ARRA 2009) which includes the Health Information Technology for Economic and Clinical Health Act, also known as HITECH. HITECH has allocated $19 billion to hospitals and physicians who demonstrate Meaningful Use of Electronic Medical Records. This law also requires the use of Electronic Healthcare Records (EHR) Systems by 2015. Considering only 4% of the 788,000 physicians in the United States currently have fully functional EHR systems and only 13% have limited access, this represents a tremendous opportunity for companies providing EMR & EHR systems and related services.
We are in the process of negotiating a takeover of a company in this field and plan to announce in the next few weeks. This new direction is only the beginning. We have a comprehensive acquisition strategy in place for the next 24-36 months. By positioning itself in this market, we believe we can create significant shareholder value.
You will be hearing from us shortly.
Thank You,
Max A. Khan
Chief Executive Officer
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