Emageon (EMAG) Receives $9M in Escrow Funds from Health Systems Solutions; Terminates Merger Agreement
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Emageon Inc. (Nasdaq: EMAG) announced today that it has received the $9 million that had been placed in escrow with The Bank of New York Mellon by Health Systems Solutions, Inc. (OTCBB: HSSO) in connection with the parties' merger transaction. The escrowed funds became payable to Emageon when the merger was not consummated before the close of business on February 11, 2009.
Emageon also announced that it has terminated its amended merger agreement with Health Systems due to Health Systems' failure to receive all necessary financing on or before the designated closing date of February 11, 2009. Emageon continues to evaluate its options in response to these developments.
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