DEERFIELD BEACH, Fla., Dec. 22, 2003 (PRIMEZONE) -- In an effort to reassure wary shareholders, iBX Group, Inc (OTCBB:IBXG) announced today an update on the outlook for 2004.
Evan Brovenick, president and CEO, said he remains optimistic to close 2003 with consolidated revenues increasing by 25% from last year:
Several market factors the company cannot control have contributed to the reduced share price. iBX is still a viable and undervalued company with a solid infrastructure, experienced management team and a desirable suite of healthcare related services.
With several accretive acquisitions already under management pending final closing, iBX is poised to meet the goals set forth during the last several months. While the company has maintained strict compliance with all generally accepted accounting practices, the new additions to the iBX group have already yielded a positive return on investment thus far
iBX Group begins another year with enthusiasm. We move ahead with an agenda focused on key strategic imperatives - the development of innovative medical administrative services, staffing, rehabilitation & wellness services and other collaborations across our broadly based health care business, flawless execution, and leadership.
Earlier this year, the company initiated a warrant offering to raise up to $2 million. The warrant holders have completed the exercise of all outstanding warrants. Today, a private South Florida investment firm has wired the final payment to complete the offering. The net proceeds were used to pay off company debt, acquisition expenses and provide for internal development. The company reports approximately 55,157,000 shares in the public float as of December 22.
Revenue guidance for 2004 remains strong at $ 12-14 million for the six operating subsidiaries combined, with the healthcare staffing and employee leasing division leading the way. Projections for the physical therapy and rehabilitation business remain consistent as well as for the administrative services and technology divisions.
As we build on our foundation, we move from strength to strength, recognizing the enormous dedication and power of our professional advisors and our employees. These people are critical to our success as a business. We respect their individuality, recognize and reward their good performance, provide opportunities for their growth and development while encouraging their participation in the decision-making process. We are grateful for their efforts and for the continued allegiance of you, our shareholders. Together, you give us confidence that we can harness, and indeed deliver profitability, shareholder value along with a quality service to the healthcare industry at large. Happy Holidays.
Based in Deerfield Beach, Florida, iBX Group Inc. (OTCBB:IBXG) develops and deploys creative, cost-effective methods for integrating financial, administrative and information services 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; 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 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 of 1995) concerning iBX Group, Inc. (Nasdaq:IBXG) that are based on the beliefs of iBX Group, Inc. (Nasdaq:IBXG) 's management, as well as assumptions made by and information currently available to iBX Group, Inc. (Nasdaq:IBXG) 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