RushNet, Inc (RSHN) Closes its 2nd Recent Acquisition of a Profitable Private Company

Rhea-AI Summary

RushNet, Inc (OTC PINK:RSHN) announced its second acquisition, Grandeza Healthcare, a billing and coding company, on August 23, 2021. This follows the July acquisition of heliosDX, creating synergies between the two companies. Grandeza aims to expand its services and is expected to generate revenues of approximately $1.6 million for 2021. The combined revenue run rate of RushNet, including heliosDX, exceeds $7.6 million. Both acquisitions are considered strategic for RushNet's growth in the healthcare sector.

Positive

• Grandeza Healthcare produced revenues of $1,097,879 and a profit of $40,699 through August 20, 2021.
• Anticipated revenue for Grandeza for 2021 is approximately $1,646,818.
• RushNet's combined annual revenue run rate exceeds $7,600,000 after the acquisitions.

Negative

• None.

ALPHARETTA, GA / ACCESSWIRE / August 23, 2021 / RushNet, Inc (OTC PINK:RSHN), ("the Company") is pleased to announce its second acquisition - Grandeza Healthcare.

As reported Sunday, August 22, 2021 on Newsmax, Grandeza Healthcare joined RushNet, Inc. as its newest subsidiary. This is RushNet's second acquisition in as many months. In July 2021, RushNet acquired heliosDX which is the sister company to Grandeza Healthcare, enjoying cross synergies. This is an important acquisition for RushNet as the company continues to execute its plans in bringing smaller, yet profitable companies to the public market with great products or services - companies which foster benefits to one another, enabling each to grow organically.

Grandeza was formed in January 2021, as a spin-out of its operations from heliosDX. Grandeza is a billing and coding company in the Healthcare sector. Currently, Grandeza has three main laboratories in which it processes billing while providing other services. In the coming months, Grandeza expects rapid growth as it intends to add a department within the company focused on temporary healthcare employment. More information will be disclosed in the future about how Grandeza intends to tackle this market with an acquisition of its own.

Through this calendar year (August 20, 2021), Grandeza Healthcare has produced revenues of $1,097,879 with a profit of $40,699. Grandeza Healthcare has seen its revenue continue to increase month-over-month and quarter-over-quarter. With the recent customer addition, Grandeza should achieve approximately $1,646,818 of revenues in 2021. Danielle Bauer, CEO of Grandeza Healthcare, says, "I am excited about this opportunity for Grandeza Healthcare. We provide a tremendous service to our clients and believe our billing practices and staff are some of the best in the industry. Additionally, given the heliosDX acquisitions in the healthcare industry, each contemplated to be a customer of Grandeza, our opportunities abound."

In the last 55 days, RushNet has closed on two major acquisitions. First, as of July 1, 2021, heliosDX joined RushNet. HeliosDX revenues for this calendar year, through August 20, 2021, total $3,874,789 with a staggering gross profit of $3,142,381, given its low overhead. Additionally, heliosDX has a profit of $560,056 and an EBIDTA exceeding $1,000,000 during the same period. As a customer of Grandeza, HeliosDX's operations, including its acquisitions, contribute directly to Grandeza's growth. HeliosDX's revenues increased in the past few months - averaging $600,000 per month. HeliosDX combined with Grandeza Healthcare brings RushNet's annual revenue to a run rate exceeding $7,600,000. Ashley Sweat, CEO of RushNet, Inc. and heliosDX says, "both of these acquisitions are strategic and paramount to the future of RushNet and its future. To have these acquisitions closed in such a timely manner is a testament to the internal team, accountants, attorneys, and other many individuals who worked tirelessly to get the job done and to bring value to each and to thus enable RushNet to continue its course of accretive acquisitions."

About HeliosDx:

heliosDX is a National Clinical Reference Laboratory offering High-Complexity Urine Drug Testing (UDT), Behavioral Drug Testing, Allergy Droplet Cards, Oral Fluids, Infectious Disease (PCR), and NGS Genetic Testing. We are contracted in 44 of the lower 48 states and looking to expand our reach and capabilities. We intend to always stay ahead of the curve by continually investing in our infrastructure with the most efficient scientific proven instruments and latest cutting-edge software for patient and physician satisfaction. In management's opinion, following such best practices are intended to allow heliosDX to provide physicians fast and accurate reporting, meeting and exceeding industry benchmarks. It is our goal to excel in patient and client care through physician designed panels that aid in testing compliance and reporting education.

About Grandeza Healthcare:
Grandeza Healthcare is a healthcare billing and consulting company. Providing expert billing and coding services to laboratories, medical practices, dental offices, and other medical verticals. In addition to billing, we provide Revenue Cycle Management (RCM) for all clients, as well as, customized consulting services. We are a rapidly growing company adding new services and value to further demonstrate our competitive advantage.

Contact: Ashley Sweat
asweat@heliosdx.com
www.heliosdx.com

Twitter Handle: @dx_helios

Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Company cautions that statements, and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.

Investor caution/added risk for investors in companies claiming involvement in COVID-19 initiatives -

On April 8, 2020, SEC Chairman Jay Clayton and William Hinman, the Director of the Division of Corporation Finance, issued a joint public statement on the importance of disclosure during the COVID-19 crisis.

The SEC and Self-Regulatory Organizations are targeting public companies that claim to have products, treatment, or other strategies with regard to COVID-19.

The ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak. Additionally, new information may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time.

We further caution investors that our primary focus and goal is to battle this pandemic for the good of the world. As such, it is possible that we may find it necessary to make disclosures which are consistent with that goal, but which may be adverse to the pecuniary interests of the Company and of its shareholders.

SOURCE: RushNet, Inc.

View source version on accesswire.com:
https://www.accesswire.com/660946/RushNet-Inc-RSHN-Closes-its-2ndRecent-Acquisition-of-a-Profitable-Private-Company

FAQ

What is the recent acquisition by RushNet, Inc. (RSHN)?

RushNet, Inc. acquired Grandeza Healthcare, a billing and coding company, on August 23, 2021.

What are the financial projections for Grandeza Healthcare after the acquisition by RushNet (RSHN)?

Grandeza Healthcare expects to generate approximately $1,646,818 in revenue for 2021.

How does the acquisition of Grandeza Healthcare affect RushNet's overall revenue (RSHN)?

The combined revenue run rate of RushNet, including Grandeza and heliosDX, exceeds $7,600,000.

When did RushNet (RSHN) acquire heliosDX?

RushNet acquired heliosDX on July 1, 2021.

What synergies exist between Grandeza Healthcare and heliosDX after RushNet's acquisitions (RSHN)?

Grandeza Healthcare and heliosDX are sister companies, allowing for cross-synergies in services provided.