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Federal Court Judge Authorizes Receiver of 3si Systems, LLC to Sell All of the Technology and Assets of a Hospital Operating System Room Voice Command System

October 2, 2018

NEW YORK--(BUSINESS WIRE)--Oct 2, 2018--On November 15, 2018, William A. Brandt, Jr., of Development Specialists, Inc., Receiver of 3si Systems, LLC and its assets, will sell all of the technology and assets related to a Hospital Operating Room Voice Command System (the “Voice Command System”). The Voice Command System is a mobile workflow management system designed to leverage advances in speech recognition technology to support human performance in hospital operating rooms. The Voice Command System assets include, among other things, prototype equipment and computers, software and code, domestic and international patents and patent applications, and domestic and international distribution rights.

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The sale will be conducted in accordance with the terms of the Auction Procedures Order entered on September 21, 2018, in the case captioned Wesley Holdings Ltd. v. 3si Systems, LLC, et al., pending in the United States District Court for the Southern District of New York as case number 1:17-cv-3362-KPF. The Southern District Court has approved an initial bid of $2,692,717.74, plus interest and costs accruing after July 27, 2018. Interested competing bidders must submit a qualified competing all cash bid that exceeds that initial bid by at least $250,000, by no later than November 12, 2018. If the Receiver receives a qualified competing all cash bid by that bid deadline, then the Receiver will conduct an auction on November 15, 2018. Only qualified competing bidders will be permitted to attend the auction.

THE RECEIVER IS OFFERING THE ASSETS FOR SALE IN ONE LOT ON AN “AS IS, WHERE IS” BASIS AND WITHOUT RECOURSE, REPRESENTATIONS, OR WARRANTIES OF ANY KIND OR NATURE WHATSOEVER.

The Court will hold a hearing on November 16, 2018, to approve the sale to the winning bidder. Closing shall occur prior to December 31, 2018. For a complete recitation of the bid requirements and auction procedures, see the Auction Procedures Order (ECF Dkt. No. 183).

Market Opportunity

The Voice Command System, developed by 3si Systems, LLC, is a unique integrated platform that empowers surgical teams, promotes communication, and improves team cohesion through the deployment of advanced technologies. The Voice Command System includes a first-of-its-kind software that follows surgical and intervention teams in real time through high frequency or highly complex procedures, regardless of surgical discipline or procedural complexity.

Use of the Voice Command System improves situational awareness and promotes effective communications among medical personnel, both inside and outside the operating room or lab, by encouraging better teamwork. This is accomplished by embedding checklists into the workflow and showing closed-loop error alerts on displays mounted in the operating room or lab. The Voice Command System leverages advances in speech recognition technology to support human performance in the operating room. It is capable of recognition on 8 channels of audio input.

This product has not been beta tested and the Receiver, Development Specialists, Inc. and their advisors (the “Seller”) make no representations or warranties about the accuracy or use of the Voice Command System or its description. Seller makes no representation or warranty regarding any statement or information made or communicated (orally or in writing) to any interested party or ultimate buyer. Seller expressly disclaims and negates any representation or warranty, express, implied, at common law, by statute or otherwise relating to the condition of the Voice Command System, including, without limitation, any representation or warranty of merchantability or fitness for a particular purpose.

If you would like to discuss this opportunity, please contact the Receiver, William A. Brandt, Jr., at Development Specialists, Inc., Suite 1818, 110 East 42nd Street, New York, New York 10017, Tel: (212-) 425-4141, or Steven L. Victor at Development Specialists, Inc., Suite 2300, 70 West Madison Street, Chicago, Illinois 60602, Tel: (312) 263-4141, or Daniel J. Stermer, Development Specialists, Inc., Suite 400, 500 West Cypress Creek Road, Fort Lauderdale, Florida 33309, Tel: (305) 374-2717, Emails: bbrandt@dsi.biz or svictor@dsi.biz or dstermer@dsi.biz.

About DSI

Development Specialists, Inc. (DSI) is one of the leading providers of management consulting and financial advisory services, including turnaround consulting, financial restructuring, litigation support and forensic accounting. Our clients include business owners, private-equity investors, corporate boards, financial institutions, secured lenders, bondholders and unsecured creditors. For almost 40 years, DSI has been guided by a single objective: maximizing value for all stakeholders. With our highly skilled and diverse team of professionals, offices in the U.S. and international affiliates, and an unparalleled range of experience, DSI not only achieves that objective, but has also built a solid reputation as an industry leader.

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CONTACT: Steve Victor

DSI

svictor@dsi.biz

(312)263-4141

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: SURGERY TECHNOLOGY DATA MANAGEMENT NETWORKS SOFTWARE AUDIO/VIDEO HEALTH CARDIOLOGY HOSPITALS MEDICAL DEVICES MOBILE/WIRELESS VOIP NURSING GENERAL HEALTH

SOURCE: Development Specialists, Inc.

Copyright Business Wire 2018.

PUB: 10/02/2018 10:56 AM/DISC: 10/02/2018 10:56 AM

http://www.businesswire.com/news/home/20181002005736/en

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