LOS ANGELES, Jan. 26, 2004 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that it has entered into a letter of intent to acquire a Texas based transcription company.
The Texas transcription company has been in business since 1976, is headed by an industry leading transcription expert and currently services approximately 20 physicians. Revenues in its most recent fiscal year were close to $1 million. The transaction is expected to close prior to February 28, 2004, subject to completion of due diligence and the signing of a definitive agreement.
Jonathan Doctor, chief executive officer of PracticeXpert, stated, "With our decision last year to create an operating subsidiary in Texas, acquisition of this transcription company fits very well with our plans. We currently offer transcription services through two of our other subsidiaries, and acquiring this company will give us a platform and base of operations for our Texas medical billing services. In addition, the physician customer base for this company's transcription services are all excellent candidates for using our PXpert Revenue Management System and other practice management services. We anticipate that our ability to cross sell transcription services to existing physician clients, as well as cross sell billing services to transcription clients, will be greatly enhanced by this transaction, all adding to top line revenues and profits."
About PracticeXpert, Inc.
PracticeXpert, Inc.'s business is conducted through its main operating subsidiary, PracticeXpert Services Corp. PracticeXpert Services Corp, a healthcare technology and services company, is in the business of developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Its services revolve around its flagship Revenue Management System, PXpert(tm), and include medical billing, collections, transcription, clinical trial accruals, contracting and practice management. PracticeXpert bundles its technology applications with its billing and other practice management services to provide a complete and integrated solution to its physician customers. To find out more about PracticeXpert, Inc. (OTCBB:PXPT), visit our website at www.practicexpert.com .
Note: Any statements released by PracticeXpert, Inc. that are forward- looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performances. These include economic, competitive, governmental, technological and other factors discussed in the statements and in the Company's filings with the Securities and Exchange Commission.