DEERFIELD BEACH, Fla., Jan. 5, 2004 (PRIMEZONE) -- NursesSTAT(r), an emerging healthcare management solutions company addressing today's medical staffing challenges, has agreed to terms to acquire a profitable nurse staffing company in New Orleans, La. The transaction is expected to generate an additional $600,000 in 2004 revenue for NursesSTAT, a division of South Florida-based iBX Group, Inc. (OTCBB:IBXG), solidifying the previously projected revenues for the division.
The New Orleans-based agency is contracted to provide temporary medical personnel, including RNs and LPNs, for more than 20 hospitals throughout the state, as well as several other long-term-care facilities. The transaction will move NursesSTAT closer to completing its projected acquisition programs.
"This acquisition will allow us to expand further into the rapidly growing market in the Southeastern U.S., as well as give us a foot in the door at healthcare facilities in the area that may be interested in the unique staffing administration services provided by NursesSTAT," said Brian Virgo, Managing Director for NursesSTAT, which provides technological solutions that enable hospitals and other healthcare organizations to better utilize limited staffing dollars.
Due to a nationwide shortage of nurses and increasing turnover rates, hospitals are being forced to rely on staffing agencies to fill vacancies. In 2000, per diem nurse staffing represented an estimated $4.1 billion in revenues and was the largest sector of the temporary medical staffing industry.
Based in Deerfield Beach, Florida, iBX Group Inc. 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 collections of 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. 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.