Buoyed by Success of Three Strategic Transactions, iBX Group Maintains Revenue Guidance of $14 Million for 2003.Business Editors/Health/Medical Writers DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Sept. 10, 2003 With the pending acquisitions of two successful physical therapy & rehabilitation networks and an established medical staffing company proceeding smoothly, iBX Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IBXG), announced today that it is on pace to achieve revenue guidance of $14 million set forth earlier this year. "With our core divisions set to pull in a record $5 million for 2003 and new business estimated at $7 million, we're confident that we'll meet our projected revenue goals for this year," said Evan R. Brovenick, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of iBX. Other possible acquisitions that are currently in negotiations will round out the fourth quarter with additional revenues. The company also expects to reach pre-tax profitability on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. iBX, through its operating subsidiaries, specializes in the development of financial, administrative and technology solutions for the healthcare industry. The company recently announced that its Florida HealthSource division has agreed on terms to acquire two Medicare-certified physical therapy and chiropractic chiropractic (kīrəprăk`tĭk) [Gr.,=doing by hand], medical practice based on the theory that all disease results from a disruption of the functions of the nerves. practices in Broward County, Florida Broward County is a county located in the U.S. state of Florida. As of 2000, the population is 1,623,018; this makes it the second most populated county in the state. According to 2006 U.S. Census estimates, its population had grown to 1,787,636 [1]. . That division is also nearing completion in its acquisition of First Rehab Plus, Inc., a network of Medicare-certified physical therapy and rehabilitation facilities on Florida's west coast. iBX's NursesSTAT(R) division, which focuses on enabling healthcare organizations to better utilize their staffing dollars, is proceeding with the acquisition of Stat Medical Services, Inc., of Columbus, Ga., a medical staffing and employee leasing business with contracts at more than 35 healthcare facilities across the Southeast. iBX's management team left open the possibility of a further increase in revenue projections, based on the outcome of developments in the areas of healthcare compliance services, along with document management/digital dictation/transcription. "Our MediCompliant Solutions division is gearing up for an influx of new business as the next deadline for the Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when (HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, ) approaches," Brovenick said. "If the last deadline was any indication, we expect to be very busy in October as healthcare organizations scramble to put the requirements into effect." Based in Deerfield Beach, Florida Deerfield Beach is a city in Broward County, Florida, USA. The city is named for the numerous deer that once roamed the area. As of 2004, the population estimated by the U.S. Census Bureau is 76,478. , iBX Group Inc. develops and deploys creative, cost-effective methods for integrating financial, administrative and information services See Information Systems. for the healthcare industry. iBX is a results-oriented company, consisting of five divisions - iBX Technologies, which enables healthcare organizations to maximize their accounts receivables; Florida HealthSource, a network of physical therapy and wellness centers; MediCompliant Solutions, which ensures medical practices' compliance with today's complex legal requirements; iBX Transcription Services, which offers physicians quick turn-around and Web-accessible progress reports; NursesSTAT, a revolutionary temporary staffing solution. iBX also owns SportshealthNet.com and TheNetDigest.com, interactive Web portals providing patients with comprehensive healthcare information and advice, and increasing physician referrals. This release is comprised of interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission. |
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