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TriZetto Responds to Barron's Article
NEWPORT BEACH, CA – January 9, 2001 – The TriZetto(R) Group, Inc. (Nasdaq: TZIX), responded today to a Barron's article that appeared on January 8, 2001 regarding the cash burn rates of various Internet companies. In a chart accompanying the article, TriZetto's cash balance was accurately reported to be $6.82 million as of September 30, 2000. However, TriZetto closed the acquisition of Erisco Managed Care Technologies on October 2, 2000, which added $28 million net of fees to the company's cash balance. Based upon its current operating plan, TriZetto believes that its existing cash balances, cash generated from operations and future borrowings will be sufficient to meet working capital and capital requirements for at least the next 12 months.
About TriZetto
TriZetto is an information technology and services company focused on the healthcare industry. The company hosts and licenses software and provides e-business platforms, serving approximately 600 customers with more than 90 million enrollees. TriZetto's application service provider (ASP) unit hosts a broad selection of applications from multiple vendors for a predictable monthly fee. All of TriZetto's ASP offerings are configured for use over the Internet. TriZetto's HealthWeb(R) technology allows all healthcare participants -- health plans, providers, employers and members -- to exchange information and conduct business over the Internet. HealtheWare, the software engines unit, develops and licenses premium Erisco and RIMS applications for payers and benefits administrators. Headquartered in Newport Beach, California, TriZetto can be reached at 949-719-2200, www.trizetto.com.
This press release contains forward-looking statements that are based upon current expectations and that involve risks and uncertainties. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about future net revenues, recurring and non-recurring revenue, EBITDA, profits, working capital, cash flow, and financial results, the market for TriZetto's services, future service offerings, client and partner relationships, market share and TriZetto's operational capabilities.
Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the effectiveness of TriZetto's implementation of its business plan, the market's acceptance of TriZetto's services, risks associated with management of growth, reliance on third parties to supply key components of TriZetto's services, attraction and retention of employees, variability of quarterly operating results, competitive factors, risks associated with acquisitions, changes in demand for third party products or solutions, which form the basis of TriZetto's service offerings, and risks associated with rapidly changing technology, as well as the other risks identified in TriZetto's Form 10-K and other SEC filings. Although TriZetto believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by TriZetto or any other person that TriZetto's objectives or plans will be achieved. TriZetto undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CONTACTS:
The TriZetto Group, Inc.
Anna Marie Dunlap (Investor Relations)
949-719-2236
am.dunlap@trizetto.com
The TriZetto Group, Inc.
Jodi Amendola (Media Relations)
480-657-9966, ext. 25
jamendola@cpronline.com
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