This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Claimsnet Completes Acquisition Agreement With TransCoastal Corporation





DALLAS, March 22, 2013 /PRNewswire/ -- Claimsnet.com (OTCBB: CLAI.OB), a provider of business-to-business Electronic Data Interchange (EDI) solutions for the healthcare industry, announced today that it has entered into an Acquisition Agreement (the "Agreement") to acquire TransCoastal Corporation. ("TransCoastal"), also located in Dallas, Texas. 

The Agreement was signed on March 18, 2013. Pursuant to the Agreement, Claimsnet agrees to purchase all of the TransCoastal's outstanding common shares.  The purchase price shall be in the form of certificates of Claimsnet's common shares, issued to TransCoastal's selling shareholders in the aggregate amount of up to 23,401,590 post reverse split common shares (the "Exchange Shares").  In addition, Claimsnet shall conduct a reverse stock split of 200 to 1 (subject to adjustment as provided in the Agreement) the outcome of which shall cause the current stockholders of Claimsnet to own a total of approximately 178,000 shares of Claimsnet Common Stock.  The Agreement also provides that at the closing all of the current directors of Claimsnet will resign, except Don Crosbie, and the certain affiliates of TransCoastal will be appointed to the Claimsnet Board of Directors.  Also at the Closing, the name of Claimsnet will be changed to TransCoastal Corporation, and TransCoastal, which will then be a subsidiary of TransCoastal Corporation, will change its name to TransCoastal Corporation of Texas. 

The majority stockholder of the Company approved the reverse stock split and name change and an Information Statement pursuant to Rule 14c of the Securities Exchange Act of 1934 containing information about the reverse stock split, name change and new directors will be sent to Stockholders of the Company as of March 18, 2013.

Claimsnet's obligation to close the transaction is subject, among other things, to TransCoastal's selling shareholders having completed and delivered to Claimsnet the Investment Letter and stock power in a form substantially similar to the form attached as Exhibit B to the Agreement, such that Claimsnet will acquire at Closing not less than 90% of the outstanding TransCoastal shares.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,165.11 +33.14 0.19%
S&P 500 2,000.14 +1.16 0.06%
NASDAQ 4,554.7860 +2.0270 0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs