Riyadh Valley Company, Cerner and Zamil Group Announce Joint Health Care Technology Venture in Saudi Arabia
GlobeNewswire 2011-06-18
RIYADH, Saudi Arabia, June 18, 2011 (GLOBE NEWSWIRE) -- Riyadh Valley
Company (RVC) of King Saud University, a Saudi government owned
investment firm which aims to be the leader in knowledge-based
investment and technology transfer in Saudi Arabia, announced today it
has entered into partnership with Cerner Corporation (Nasdaq:CERN), a
leading global supplier of health care technology, and Zamil Group, one
of Saudi Arabia's leading business groups, to form Riyadh Valley HIS
Company. This collaboration will offer health information systems and
services (HIS) to its affiliated hospitals, other Ministry of Higher
Education hospitals and private hospitals in Saudi Arabia.
"The health care sector continues to be a key component in the
Kingdom's shift to a knowledge-based economy from an oil-based one. We
see enhancing our country's health care services as a key component of
this change and are proud to work with Cerner and Zamil Group to play
an emerging role in how that care is delivered to the Saudi community,"
said His Excellency Dr. Abdullah Al Othman, president of King Saud
University and chairman of the board of RVC. "Through this
public-private sector partnership, our university company has the
opportunity to positively impact the quality of life for all Saudis."
Riyadh Valley HIS Company's HIS offering will run on the Cerner
Millennium(R) software architecture, the health care industry's most
comprehensive, unified, contemporary information architecture.
Hospitals in the Kingdom adopting this system will recognize benefits,
including:
-- Improved access to patient information: The creation of an integrated
electronic health record for each patient provides real-time access to
vital health information, including updated lab results and radiology
imagery.
-- Increased quality of patient care: Electronic order entry eliminates
errors caused by illegible handwriting or improper transcription, while
evidence-based alerts notify the physician of potential complications
related to medication interactions or other situations.
-- Enhanced operational efficiency: On-time reporting enables hospitals to
have greater control over their operations while increasing efficiency
and reducing costs.
"This joint venture aligns Cerner with two well-established
organizations that have proven track records of successful operations
in Saudi Arabia," said Greg White, vice president and managing
director, Cerner Middle East and Africa. "Together, the three companies
will work to provide a new delivery model for health care technology in
this country."
"We share with RVC and Cerner a commitment to contributing to the
well-being of our communities and see this project as critical to the
long-term success of health care in our country," said Dr. Abdulrahman
Al Zamil, chairman of Zamil Group. "This partnership to provide HIS is
the first of its kind in Saudi Arabia and offers hospitals the
opportunity to transform their HIS cost centers into profit centers. My
vision is to see Riyadh Valley HIS Company to become a major source of
HIS technology provider in the Kingdom and the region."
About Cerner
Cerner is transforming health care by eliminating error, variance and
waste for health care providers and consumers around the world.
Cerner(R) solutions optimize processes for health care organizations
ranging in size from single-doctor practices, to health systems, to
entire countries, for the pharmaceutical and medical device industries,
employer health and wellness services industry and for the health care
commerce system. These solutions are licensed by approximately 9,000
facilities around the world, including more than 2,600 hospitals; 3,500
physician practices covering more than 30,000 physicians; 500
ambulatory facilities, such as laboratories, ambulatory centers,
cardiac facilities, radiology clinics and surgery centers; 800 home
health facilities; and 1,600 retail pharmacies. The trademarks, service
marks and logos (collectively, the "Marks") set forth herein are owned
by Cerner Corporation and/or its subsidiaries in the United States and
certain other countries throughout the world. Nasdaq: CERN. For more
information about Cerner, please visit www.cerner.com, Twitter,
Facebook, and YouTube .
About Zamil Group
Zamil Group Holding Company is a global investment company with diverse
interests and capabilities. Across the continents we provide
innovative, high quality and price competitive products and services as
well as investment opportunities for investors, partners and
stakeholders in the industrial, petrochemicals and services sectors.
About Riyadh Valley Company
Envisioned to help transforming Saudi Arabia's oil-based economy into a
revolutionary knowledge-based economy, Riyadh Techno Valley is one of
Saudi Arabia's mega initiatives to support the adoption of innovation
culture, foster entrepreneurship, leverage the kingdom's research
capabilities and mobilize, engage and oversight investments in
knowledge-based sectors.
This release contains forward-looking statements that involve a number
of risks and uncertainties. It is important to note that the Company's
performance, and actual results, financial condition or business could
differ materially from those expressed in such forward-looking
statements. The words "will offer", "will run", "will recognize", "will
work" or the negative of these words, variations thereof or similar
expressions are intended to identify such forward-looking statements.
Factors that could cause or contribute to such differences include, but
are not limited to: the possibility of product-related liabilities;
potential claims for system errors and warranties; the possibility of
interruption at our data centers or client support facilities; our
proprietary technology may be subject to claims for infringement or
misappropriation of intellectual property rights of others, or may be
infringed or misappropriated by others; risks associated with our
non-U.S. operations; risks associated with our recruitment and
retention of key personnel; risks related to our dependence on third
party suppliers; risks associated with the ongoing adverse financial
market environment and uncertainty in global economic conditions;
changing political, economic and regulatory influences; government
regulation; significant competition and market changes; variations in
our quarterly operating results; potential inconsistencies in our sales
forecasts compared to actual sales; and, failure of the parties to
achieve the intended benefits. Additional discussion of these and other
factors affecting the Company's business is contained in the Company's
periodic filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking statements
to reflect changed assumptions, the occurrence of unanticipated events
or changes in future operating results, financial condition or business
over time.
CONTACT: Cerner Media Contact: Dina Tewfik
+971-55-496-4070, dina.tewfik@cerner.com
Cerner Investors Contact: Allan Kells
(816) 201-2445, akells@cerner.com
Zamil Group Media Contact: Bander Al Zamil
+966-1-203-7700, bander@zamil.com
Riyadh Valley Company Media Contact: Eng. Mazen O. Al Jasser
+966-55-580-0446, maljasser@rvc.com.sa
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