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Freeland Systems Forecloses on Certain Kardia Health Systems Assets

Freeland Systems bought back various assets previously sold to Kardia Health Systems

Venice, FL, March 11, 2010 --( Freeland Systems conducted a public foreclosure sale on March 5, 2010 of certain assets previously sold to Kardia Health Systems, including certain AccessPoint technology, copyrights, customer lists, and trade names and logos. Freeland Systems purchased all of these assets at the foreclosure sale and, consequently, are once again owned by Freeland Systems.

Freeland Systems sold substantially all its assets to FSL Acquisition Corporation, a wholly-owned subsidiary of Kardia Health Systems, on May 8, 2008. Since that date, Kardia Health Systems has marketed AccessPoint solutions under the AccessPoint and Connected Care trade names. On September 20, 2009, Kardia defaulted on a payment of more than $2.7 million it owed to Freeland Systems, which led to the March 5th foreclosure sale.

With its purchase of the software and certain other Kardia assets, Freeland plans to re-enter the medical diagnostic image management, reporting and archiving marketplace with a new release of the AccessPoint technology that uses many of the original Freeland Systems management, development, customer and technical support resources, and sales staff. The new software will offer features specifically designed to address the needs of cardiology practices that have not yet upgraded to digital technology. Freeland will also provide support to all AccessPoint customers.

Freeland Systems’ Managing Partner John Freeland commented: “Freeland will re-enter the digital imaging, reporting and archiving business while continuing to pursue Kardia for payment of more than $6 million we believe remains owed to Freeland Systems under the May 2008 asset sale agreement between the two parties.”

About Freeland Systems, LLC
Headquarted in Venice, Fla. and with operations in Denver, Freeland Systems, LLC has a 30-year history of providing image management technology to the health care industry. The company developed the proprietary line of AccessPoint technology that includes structured reporting, viewing and archiving. AccessPoint’s focus on value pricing and clinical efficiencies makes the technology particularly attractive to smaller cardiology practices.

Contact Information
Freeland Systems
John Freeland

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