TEMPE, Ariz., July 01, 2019 (GLOBE NEWSWIRE) — via NetworkWire – ORHub, Inc. (OTC: ORHB) (the “Company” or “ORHub”), a cloud-based healthcare analytics company, today announced it has reached a resolution of its contract dispute with its former chief financial officer, Lanny Lang, and his firm Lang Financial Services, Inc.
ORHub Chairman and CEO Colton Melby spoke about the settlement and his vision for the Company, saying, “It is unfortunate that Mr. Lang and the Company had to engage in litigation to resolve their dispute, but it should in no way reflect on the work Mr. Lang performed for the Company during its developmental phase between June 2016 and June 2018. With this matter now firmly behind us, the board and management team will focus on executing on the Company’s near- and long-term objectives to realize the potential of our innovative perioperative dashboard product, Surgical Spotlight®, and to drive value for our shareholders.”
Mr. Lang stated, “I am pleased to have reached an amicable settlement with the Company. Having this contract dispute behind us will allow management to focus on executing its business plan and growing the underlying business without the distraction of litigation. As an investor and shareholder, I fully support the management team of ORHub in those efforts.”
About ORHub, Inc.
ORHub is a growth stage data analytics company on a mission to optimize the Business of Surgery through lean process improvement. As a Microsoft Silver Partner, ORHub leverages the Azure cloud to help customers unlock the power in their data captured in the OR. Surgical Spotlight® helps providers harness that data, identify millions of dollars in opportunities, and get leaders back to their primary focus: improving care, increasing patient access and reducing costs. A first-of-kind team building tool brings all stakeholders together with regular and accessible information. ORHub specializes in business intelligence for the operating room, built by professionals from the operating room.
Industry Statistics: The U.S. market continues to grow, with over 5,500 hospitals and 6,100 ambulatory surgery centers (ASCs) performing over 50 million medical procedures annually. According to MarketsandMarkets, the global healthcare analytics market will approach $50 billion by 2024 with a 5-year Compound Annual Growth Rate (“CAGR”) of 28.3% from 2019.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company’s ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new software product business.