Shares of Skyline Medical Inc (NASDAQ:SKLN) ended Tuesday session in green amid volatile trading. The shares closed up +0.024 points or 13.26% at $0.205 with 81.80 million shares getting traded. Post opening the session at $0.19, the shares hit an intraday low of $0.17 and an intraday high of $0.23 and the price vacillated in this range throughout the day. The company has a market cap of $19.17 million and the numbers of outstanding shares have been calculated to be 81.80 million shares.
Skyline Medical Inc (SKLN) on Aug. 30, 2016 announced the signing of a letter of intent to form a joint venture with Electronic On-Ramp, Inc. (EOR), a Native American Indian, (8a) certified Small Disadvantaged Business owned by a Service Disabled Veteran. EOR’s Partner contracts with the U.S. National Institutes of Health (NIH) and Department of Defense are expected to provide Skyline Medical with access to bid on procurement contracts for up to $550 million or more in federal funds budgeted for health, security, life safety systems support, humanitarian assistance and disaster preparedness.
The joint venture is subject to definitive agreements. Also, the joint venture cannot proceed unless the Company receives FOR votes representing a majority of Skyline Medical common shares outstanding on the first two proxy items for the Special Meeting of Stockholders to be held September 15, 2016. Those items include proposals to 1) increase the number of authorized shares of common stock to 200,000,000 from 100,000,000, and 2) effect a reverse stock split of its common stock at a ratio of between one-for-two and one-for-25 and a proportionate decrease in the number of authorized shares of common stock.
The two companies are establishing the joint venture to be in operation by the end of the year. The joint venture, expected to be 51% owned by EOR, will bid to supply medical products for mobile operating rooms, among other activities. Skyline intends to assist the venture in selling the STREAMWAY System and in sourcing other medical products to fulfill bids to the U.S. government, with the venture’s control structured to maintain its standing as a qualified government contractor.
“We are very excited to enter into this new joint venture with EOR as it provides access to significant federal, state and local funds some 18 months ahead of Skyline’s previous plan, and advances our strategy to increase our operating room footprint,” said Dr. Carl Schwartz, Interim Chief Executive Officer of Skyline Medical. “EOR has pre-negotiated contractual terms with the General Services Administration (GSA) for two contracts that afford Skyline immediate entrée to two schedules that provide access to highly efficient sales tools, entering a market for contractor awards of more than $15.8 billion in contracts last year alone.”
Shares of UnitedHealth Group Inc (NYSE:UNH) ended Tuesday session in red amid volatile trading. The shares closed down -0.64 points or -0.47% at $135.97 with 952.39 million shares getting traded. Post opening the session at $136.62, the shares hit an intraday low of $135.63 and an intraday high of $136.85 and the price vacillated in this range throughout the day. The company has a market cap of $130.33 billion and the numbers of outstanding shares have been calculated to be 952.39 million shares.
On September 1, 2016 UnitedHealthcare and Optum, the health benefits and services companies of UnitedHealth Group (UNH), are taking immediate action to help people affected by Hurricane Madeline and Hurricane Lester, which are expected to hit Hawaii over the next few days.
This includes a free emotional-support line to help people in the affected communities, and assisting health plan participants who may be affected and need to make alternate arrangements to ensure continuity of care.
- Free Help Line: Optum, a leading health and behavioral health services company, is offering a free emotional-support help line.The toll-free number, 866-342-6892, will be open 24 hours a day, seven days a week, for as long as necessary. The service is free of charge and open to anyone. Specially trained Optum mental health specialists help people manage their stress and anxiety so they can continue to address their everyday needs. Callers may also receive referrals to community resources to help them with specific concerns, including financial and legal matters.
Along with the toll-free help line, emotional-support resources and information are available online at www.liveandworkwell.com.
- Help Finding a Network Care Provider, Early Refills: Plan participants who need help finding a care provider in the UnitedHealthcare network or obtaining early prescription refills can call customer care at the number located on the back of their medical ID card.For plan participants who may have misplaced their medical ID card, call 866-633-2446, 8 a.m.-8 p.m. (in the local time zone), Monday through Friday. People enrolled in employer-sponsored and individual health plans who have a smartphone can download the free Health4Me app, which provides instant access to their ID card, network care providers, their personal health benefits and more. The Health4Me app is available as a free download at the Apple iTunes App Store and the Android Market on Google Play.