--(www.USEquityNews.com)-- 09/22/2008 - Business Services industry alert provided by U.S. Equity News. HMS (Nasdaq: HMSY) recently announced that it has been awarded a Medicaid Integrity Program (MIP) Task Order by the Centers for Medicare and Medicaid Services (CMS). Under the Task Order, HMS will examine payments to providers made under Title XIX of the Social Security Act, with the objective of identifying potential overpayments made as a result of fraud, waste, or abuse. HMS will perform these services in the Dallas Jurisdiction, which includes Arkansas, Colorado, Louisiana, Montana, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Utah, and Wyoming. The contract, expected to be completed over the next 12 months, is valued at $5.7 million and may be renewed on an annual basis upon a successful performance determination by CMS. It is anticipated that this award will not have a material effect on HMS's 2008 earnings.
Bowne & Co., Inc. (BNE), a global leader in shareholder and marketing communication services, recently announced that it is issuing a second amendment to the terms of its $75.0 million 5% Convertible Subordinated Debentures (the "Notes") and the related Indenture, dated September 24, 2003, by and between the Company and the Bank of New York Mellon as amended (the "Indenture"), by a Second Supplemental Indenture. This amendment supplements the Company's first amendment, which was issued on August 19, 2008. This amendment increases the coupon rate to 6.0% from 5.5%, which had been the rate under the first amendment, for the period from October 1, 2008 until October 1, 2010. Additionally, the amendment raises the conversion rate to 62.5 shares from 54.1126 shares per $1,000 principal amount of Notes (which had been the rate under the Indenture), thereby enhancing the conversion price applicable to the Notes to $16.00 per share from $18.48 per share. The second amendment also includes a "make-whole" provision for certain fundamental changes, including, but not limited to, certain consolidations or mergers that result in a change in control of the Company during the period from October 1, 2008 until October 1, 2010.
eTelecare Global Solutions (NASDAQ: ETEL), a leading provider of complex business process outsourcing (BPO) solutions, recently announced that it has entered into a definitive agreement by which affiliates of Ayala Corporation and Providence Equity Partners will commence a tender offer in the Philippines and the United States to acquire up to all of the outstanding shares of eTelecare common shares, and up to all of the outstanding eTelecare American Depositary Shares, for US$9.00 per share in cash. The offer price represents an approximate 76% premium over the company's closing price on NASDAQ on September 18, 2008. The total transaction value is approximately US$290 million. Completion of the tender offer will be subject to the condition that at least 66.67% of eTelecare's shares and American Depositary Shares (on a fully diluted basis) are tendered in the offer, and other conditions, including regulatory approvals. The transaction is not subject to any financing conditions. The Special Committee of eTelecare's Board of Directors unanimously recommended the offer to eTelecare's Board, which, with the interested director recusing himself from the vote, unanimously approved the transaction. Additionally, several of eTelecare's shareholders have signed support agreements in favor of the transaction.
ELM Technologies, Inc. (Other OTC:ETGS) recently announced that Martha Green Milburn, R.N., M.H.A., a healthcare and nurse management expert, has joined the Company's Advisory Board. "Ms. Milburn (Marty) brings an incredible wealth of knowledge and wisdom to ELM from her years of experience in some of the largest healthcare organizations in the world -- as an administrator and nurse. Marty is also an avid supporter of the healthcare workforce model," said Barbara Rivera, President of ELM Technologies. "She is going to be a terrific advisor and we're excited and honored that she has chosen to work with us." "ELM is doing an incredible job providing workforce optimization solutions that address the human capital management crisis currently facing long-term care," stated Marty Green Milburn. "I have been particularly impressed with the EmLogis GENERATOR(TM) workforce modeling system and the company's commitment to integration and implementation. I look forward to working with and learning from the other advisory board members to help guide this company's inspiring growth and make a difference in the industry." About Martha Green Milburn, R.N., M.H.A. Marty Green Milburn is a published healthcare administration analyst and registered nurse with a Masters Degree in Hospital and Health Care administration from the University of Iowa and a Bachelors Degree from the University of Kansas. Among Green Milburn's many nursing endeavors, she completed preceptorships in Stanford University's Operating Rooms, Palo Alto, California and in Administration for Mercy Hospital, Iowa City, Iowa.
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