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Press Press Releases 2003 24PetWatch announces that it is extending the free registration period in the 24PetWatch database for pet owners registered with other microchip providers to December 31, 2003. OAKVILLE, ON, July 22, 2003. 24PetWatch, the newest and most innovative North American microchip and pet registry recovery program announced today that it was extending the free registration period for owners of dogs and cats currently microchipped and registered with other microchip providers to December 31, 2003. 24PetWatch is operated by Pethealth Services Inc., a wholly owned subsidiary of Pethealth Inc. ("Pethealth" or "the Company"). This extension is being announced as a direct result of the ongoing dispute between the Ontario Veterinary Medical Association ("OVMA") and PetNet, owned by Anitech Enterprises Inc. PetNet's decision towards the end of 2002 to introduce a mandatory annual fee for owners of pets registered in the PetNet database has caused considerable concern within the veterinary community and has led the OVMA to take action against PetNet in support of its members. 24PetWatch, being concerned that the PetNet action could lead to a lessening of confidence amongst the pet owning community and the veterinary and animal welfare user groups, announced earlier that it would allow pet owners with dogs and cats currently registered with any of its competitors in Canada, including PetNet, to register with the 24PetWatch database, free of charge, until September 1, 2003. A core component of the 24PetWatch model is that pet owners of dogs and cats microchipped with 24PetWatch technology will not have to pay a registration fee. The initial response from the veterinary community in Ontario and elsewhere in Canada has exceeded expectations. Pethealth reports that as of today's date, 35% of clinics in the 416 area code and 26% of clinics in the Greater Toronto Area, are now microchipping their clients' pets with the 24PetWatch microchip. The Company also reported that many clinics in Nova Scotia, Alberta and B.C. have also switched to the 24PetWatch program. Additionally, the Company has been assisting clinics in advertising to its customers that they can register with 24PetWatch free of charge. The announcement today shows a further commitment on the part of Pethealth to assist those veterinarians concerned with the current state of play in the industry. The 24PetWatch model is based on the use of ISO technology supported by an industry-neutral database. ISO has been recommended as the standard by leading veterinary and animal welfare organisations across North America in various position statements published over the last several years. In addition to offering free registration to dogs and cats microchipped with competing technology, the 24PetWatch program does not require pet owners to pay an annual mandatory fee, but rather provides pet owners with other fee-based service options that they can choose from without obligation, including the PetCare pet insurance programs and EmergencyCare coverage. Several veterinary medical associations, including the OVMA, exclusively endorse the PetCare pet insurance programs. Other unique services will be announced later in 2003. To date, the free registration to pet owners currently registered with other providers has been very successful, with over 15,000 pet owners not microchipped with the 24PetWatch microchip having taken advantage of this offer. Additionally, the Company reports that monthly sales of its own microchip now exceed 3,000. Pethealth Inc. has raised nearly $24-million to finance its business plan to date and as of July 22, 2003 had a market capitalisation of over $56-million. "Clearly, we are concerned with the ongoing dispute between the OVMA and PetNet," said Mark Warren, President and Chief Executive Officer, "and this extension of our offer to pet owners until the end of this year is a sign of our commitment to continue to work with the veterinary community and our support for the OVMA." About Pethealth Founded in February 1998, Pethealth is Canada's number one provider of pet insurance and is number two in North America, currently offering its PetCare pet insurance programs in 10 provinces, 45 states and Washington, D.C. Pethealth offers its pet insurance programs under a variety of names, including QuickCare, the PetCare Pet Insurance Programs and Union Plus Pet Insurance. In the United States, the PetCare Pet Insurance Programs are underwritten by Lincoln General Insurance Company, York, PA, through Avalon Risk Management Inc. In Canada, the Company's pet insurance is offered to owners of dogs and cats through its wholly owned subsidiary, PetCare Insurance Brokers Ltd. ING Novex, a member of the ING Group, and Kingsway General Insurance Company underwrite PetCare products in Canada. The PetCare programs also carry the exclusive endorsements of a number of industry leaders, including veterinary medical associations representing approximately four out of five practising veterinarians in Canada. In addition, Pethealth, through its wholly owned subsidiaries Pethealth Services Inc. and Pethealth Services (USA) Inc., sells and distributes Allflex pet microchip supplies to the companion animal market in North America and operates the related pet recovery registry under the trade name 24PetWatch. Pethealth is based in Oakville, Ontario. Institutional investors include Dynamic Mutual Funds, through its Dynamic Venture Opportunities Fund. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements contained in this news release, if not historical, are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the results described in forward-looking statements. Not for dissemination in the United States of America or to United States news wire services. For further information, please contact: |
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