Netsmart Technologies, Inc. Sells CarteSmart Business
(PR Newswire; 07/01/98)
ISLIP, N.Y., July 1 /PRNewswire/ Netsmart Technologies, Inc. (Nasdaq:
NTST) announced today that it has sold its CarteSmart Business unit to Granite
Technologies, Inc., a corporation formed by the management of the business
unit. In connection with the sale, Mr. Leonard Luttinger, who was a vice
president and a director of Netsmart, and Mr. Storm Morgan, who was a director
of Netsmart, resigned from their positions with Netsmart.
In consideration for the sale of the CarteSmart business, Granite issued a
promissory note and an equity interest in Granite and agreed to pay certain
software royalties to Netsmart. Granite also granted Netsmart the right to
sell its smart card and kiosk software and related products in the behavioral
Mr. James L. Conway, president of Netsmart, said that the sale of the
CarteSmart Business unit will enable Netsmart to concentrate its efforts on its
health information software and services for the behavioral health field.
Netsmart, through its wholly owned subsidiary, Creative Socio-Medics Corp.,
is a leading supplier of enterprise-wide software solutions for the mental
health and behavioral health markets.
Any statements in this release that are not statements or descriptions of
historical facts may be "forward-looking statements" as that term is defined
under the Federal securities laws. Forward-looking statements are subject to
risks, uncertainties and other factors, including, but not limited to, those
described in Netsmart's filings with the Securities and Exchange Commission.
Note: Netsmart is mentioned in 1997 December newsbits as Sun partner