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Palesa to increase its shareholding in HealthCorp

26 November 2006 Martina Nicholson Associates (MNA)

Broad based black economic empowerment investment company, Palesa Holdings, is increasing its current shareholding in HealthCorp, an investment company with various strategic investments in the healthcare risk management industry.

In what can be viewed as one of the most exciting developments in the healthcare industry in recent times, HealthCorp also announced the launch of Full Circle Health, a brand new healthcare administrator and managed care company.  As the name implies, the brand new entity is being built on the solid foundations and experience gleaned from its predecessor, Mx Health , over a period of more than a decade.

The focus of Full Circle Health will be on commercial medical schemes, government business, statutory and local government businesses.  Its sister company, HWH Integrated Healthcare Risk Management, in turn will concentrate its efforts on the development of corporate business in the private sector, thereby ensuring that different sectors obtain focused and specialised solutions.

Full Circle Health will utilise the Oracle based healthcare system that was developed by Agility Technologies, as well as all the positive attributes that were developed by Mx Health as a pioneer in the healthcare industry over the past ten years.  The company will provide the market with a truly integrated and state-of-the-art healthcare solution, unequalled in the healthcare industry.

In another important announcement, Joe Seoloane, current Managing Director of Mx Health , announced his intention to relinquish his Mx Health responsibilities at the end of December 2006 in order to pursue his interests in Lenganeng Investments and consulting within the healthcare industry.

Seoloane, a stalwart with an impressive track record in the healthcare funding industry, has agreed to continue his involvement in HealthCorp as a non-executive director.

Seoloane will be replaced as managing director of Full Circle Health by Bheki Vilakazi, currently Chief Executive Officer of Palesa Holdings.  Vilakazi has vast experience in the financial services and insurance industries, and has been involved in HealthCorp from a shareholding and strategic point of view, since Palesa Holdings first acquired an investment in HealthCorp in 2004.

Commenting on the HealthCorp deal and the new vision for Full Circle Health, Vilakazi said that:  "Full Circle Health will become the leading administrator and managed care company within its niche markets in the next five years, as well as play a vital role in the changing SA healthcare landscape. We believe that there is tremendous, untapped potential within this company and I will ensure that the leveraging of that receives priority attention. Full Circle Health wish to tell the world about the tremendous intellectual property, state-of-the-art technology and human capital skills that are entrenched within the company."

According to Vilakazi, it is within Full Circle Health, a healthcare administrator that has long been known for its pioneering work in healthcare funding through its association with its predecessor Mx Health , that Palesa Holdings sees the greatest untapped potential. 
 
"With a new strategy, new systems, new leadership, increased BEE shareholding and new brand, and backed by the excellent systems and considerable expertise that we already have at our disposal, there should be no stopping the new Full Circle Health in 2007," concludes Vilakazi.

A short video clip, which is available on the Full Circle Health website, www.fullcirclehealth.co.za, will provide the finer details pertaining to this exciting new development in the world of healthcare.

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