LAS VEGAS, Sept. 26, 2024 (GLOBE NEWSWIRE) — Tritent International Corp. (“Tritent”), a US public company (US OTC: TICJ), and Burst Technologies, Inc. (“Burst Technologies”), a Delaware corporation, are pleased to announce the signing of a Memorandum of Understanding (“MOU”) that outlines the key terms and conditions for a proposed strategic merger. The MOU was officially executed on September 24, 2024.
In a groundbreaking move to enhance healthcare billing efficiency, Burst Technologies and Tritent are excited to announce their potential merger, which introduces the build out of an AI-accelerated billing solution designed to recover Medicare Part B costs for nursing homes across the United States where in most cases currently goes unrecovered. This innovative technology aims to streamline billing processes, reduce administrative burdens, and ensure that nursing homes receive maximum reimbursement for these products and services.
Key Benefits of Burst’s AI-Accelerated Healthcare Solution
Maximized Reimbursement: Nursing homes can achieve direct recovery of Medicare Part B costs, significantly improving their bottom line.
Efficiency Boost: Automated processes reduce the time and effort required for billing, freeing up staff and resources to focus more on patient care.
Enhanced Accuracy: Technology and AI-driven algorithms minimize errors and optimize claim submissions and help ensure compliance with Medicare and insurance regulations.
Key Points of the MOU
This proposed merger is designed to enhance the capabilities and market presence of both organizations by integrating Burst Technologies as a wholly owned subsidiary of Tritent.
Merger Structure: Under the proposed terms, Tritent will become the primary entity, and Burst Technologies will be integrated as a wholly owned subsidiary, ensuring operational continuity and strategic alignment between the companies.
Governance and Management: Post-merger, key management and operational roles within Tritent will be filled by executives from Burst Technologies. Additionally, Burst Technologies will appoint a majority of the Board of Directors of the merged entity, ensuring a cohesive leadership team.
Share Exchange: As part of the merger, Tritent will issue common restricted shares in accordance with the Definitive Share Exchange Agreement, facilitating the acquisition of Burst Technologies.
Good Standing and Compliance: Both companies have committed to maintaining good standing with relevant regulatory bodies and ensuring compliance with all applicable laws, including those set forth by the OTC Markets, FINRA, and the State.
Mutual Responsibilities: The MOU emphasizes the spirit of cooperation, transparency, and mutual respect between the parties. Both Tritent and Burst Technologies will work together diligently to finalize the Definitive Share Exchange Agreement and ensure the success of the merger.
Market Size: Burst Technologies has developed a multi-year financial plan, focusing on expanding its client base and boosting revenue inside the Nursing Care Facilities and Continuing Care Retirement Communities representing 4%, or $180 billion, of the $4.5 trillion National Healthcare Expenditure (NHE) marketplace1.
“This MOU represents an exciting opportunity for both companies to leverage each other’s strengths and drive growth in our respective markets,” said Reno J. Calabrigo, CEO of Tritent International Corp. “We are confident that this merger will create significant value for our shareholders and position us for long-term success.”
Eric Hansen, CEO of Burst Technologies, added, “This partnership marks the first step toward making the nursing home industry a leader in technology. We’ll start by building the first AI-driven billing solution specifically for nursing homes. From there, we’ll continue pushing boundaries to bring fresh innovation to an industry ready for transformation. Our goal is not just to modernize long-term care, but to set a new tech standard for the entire sector, and we’re confident this merger offers an exciting path for our shareholders.”
The MOU sets the framework for the negotiation and execution of a Definitive Share Exchange Agreement, which both parties expect to finalize in the coming weeks.
About Burst Technologies, Inc.
Burst is building out an AI-accelerated healthcare billing solution designed for America’s nursing homes, addressing a critical gap where many Medicare Part B supply costs currently go unrecovered. Currently, Burst supports 30 nursing homes and over 3,000 residents, ensuring they receive the healthcare returns they deserve. With a market size serving 1.6 million elderly residents across 16,700 facilities, Burst can ensure that essential Medicare reimbursements are accessible, transforming the way nursing homes manage healthcare billing. With a focus on healthcare inclusion, Burst’s success-based model allows any nursing home to sign up at no upfront cost, delivering reimbursements directly to their bank accounts. For more information please visit, www.burstmedicalbilling.com.
About Tritent International Corp.
Tritent International Corp. (US OTC: TICJ) is focused on the acquisition of controlling equity interests in disruptive companies by taking an active role to improve their growth, provide capital and management expertise.
For more information, please contact:
Tritent International Corp.
Reno Calabrigo, Director
Email: [email protected]
Burst Technologies, Inc.
Eric Hansen, Director
Email: [email protected]
Safe Harbor Statement
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements, as well as other risks discussed from time to time in our filings with OTC Markets, including, without limitation, our latest Quarterly Report filed on August 13th, 2024. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements.
Footnote
1: references Centers for Medicare & Medicaid Services, Office of the Actuary, “National Health Expenditures 2022 Highlights” https://www.cms.gov/newsroom/fact-sheets/national-health-expenditures-2022-highlights
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65b45d29-324a-4e7c-8687-64bd4f854a51