U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 21, 2004
TRANSAX INTERNATIONAL LIMITED
(Exact Name of Small Business Issuer as Specified in its Charter)
COLORADO
________________________________________
(State or other Jurisdiction as Specified in Charter)
00-27845 84-1304106
(Commission file number) (I.R.S. Employer Id. No.)
7545 Irvine Centre drive, Suite 200
Irvine, CA, 92618
_______________________________
(Address of Principal Executive Offices)
949-623-8316
____________________
(Issuer's telephone number)
Items 1 through 8 not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
99.1 Press Release of the Registrant dated July 21, 2004.
Item 9. Regulation FD Disclosure
On July 21, 2004, Transax International Limited (the "Company") issued the
press release herein attached as exhibit 99.1
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
Transax International Limited
Date: July 21, 2004 By:/s/ Stephen Walters
------------------------
Stephen Walters
President & CEO
Exhibit 99.1 Press Release of the Registrant
Transax Provides Business Update
IRVINE, Calif. July 21st, 2004 - Transax International Limited
("Transax") (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6)
provides the following business update in relation to the
company's recent depreciation in stock price. In spite of the
recent depressed share price, Transax's efforts to reach
significant milestones continues uninterrupted.
Stephen Walters, Chief Executive Officer of Transax
commented: "The fundamentals of Transax business are solid.
In the first half of 2004, we increased our monthly transaction
volumes and revenues by 150%. The company is now in the
process of commencing a major roll out with the largest health
insurer in Brazil. Our rates of transaction volumes and
revenues are expected to increase further during the second
half of 2004."
Walters continued: "Current annualized revenues of about USD
1 million are expected to increase significantly in the second
half of 2004 as roll out proceeds on all three contracts. The
Brazilian operations of Transax, which now support 40 staff,
are expected to break even by the end of the third quarter
2004, and the company projects to reach profitability shortly
thereafter."
Transax is emerging as a leader of "real time" healthcare
related electronic authorization and adjudication transactions
as indicated by recently signed agreements. The company is in
discussions with a number of groups for potential partnerships
for the US market and is in negotiations regarding an entry for
a license of its product with a major financial institution in
Europe. Furthermore, additional MOU's regarding new
business initiatives with current clients are expected to be
announced shortly. These initiatives will add significantly to
Transax's revenue stream during 2005.
Shareholders are advised that no current projects have been
delayed due to financial reasons. While the decline in share
price affects the ability to raise equity funding, management of
the company is confident in its belief that the share price will
recover as the market recognizes the company's achievements
as revenues continue to flow. It is also management's opinion
that the terms and conditions for shorter and long term
financing will greatly improve sooner than expected as the
company reaches its break-even point in the second half of
2004.
About Transax International Limited: Transax is a premier
international provider of information network solutions for healthcare
providers and health insurance companies, enabling the "real-time"
automation of routine patient eligibility verifications, authorization,
claims processing and payment functions that are currently performed
manually. The technology has been proven to significantly decrease
health insurance claim expenditure and provides additional operational
efficiencies for the health insurer. Transax "MedLink" solution has been
specifically designed for the healthcare and health insurance industry
to allow insurance companies, Health Maintenance Organizations, and
other industry concerns to connect to healthcare providers and
electronically undertake eligibility, authorization and processing of
health claims in "real-time". MedLink has been developed as a "Total
Connectivity" solution where Transax is able to provide an insurer with
the ability to cost effectively process all of the transactions generated
in "real time" regardless of location or method of generation. Presently
operational in Brazil, Transax currently undertakes approximately
250,000 transactions per month, has contracts in place for in excess of
2,500,000 transactions per month, and other potential contracts in
various stages of negotiation.
Web Site : www.transax.com Email : info@transax.com
Investor Relations Inquiries
Empire Relations Group, Jericho, New York
Contact Kenneth Maciora, Tel: (516) 750-9719 Email:
Empirerelations@aol.com
SAFE HARBOR STATEMENT "THIS NEWS RELEASE MAY INCLUDE FORWARD-
LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E
OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS
AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES,
DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF
OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS
PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS
ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS
AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS
CONTAINED HEREIN."