DEERFIELD BEACH, Fla., Aug. 30, 2004 (PRIMEZONE) -- iBX Group, Inc. (OTCBB:IBXGE) has completed an agreement with an institutional fund to receive financing for debt consolidation, as well as working capital for acquisitions. iBX has already received the first of two advances totaling $400,000.00. A multi-million dollar, long-term commitment with a planned disbursement, in conjunction with a filing of a registration with the Securities and Exchange Commission, will ensure stabilization and provide the resources for new operations.
iBX Group will close and turn over its Medicompliant Solutions Division to a former employee for an undisclosed amount and remove three, under-performing, physical therapy and rehabilitation facilities from its Florida HealthSource network, thus reducing labor expenses and overhead.
"These decisions are an integral part of our strategy to focus only on the areas of our business that have the best potential for profit," said Matt Sarnelli, managing director of Florida HealthSource. "Healthcare Compliance will always be a priority in the development of our technologies and in the administration of our services," he added. "However, developing and marketing compliance services does not currently add value to the company business strategy."
The long-term financing and recent developments in iBX Diagnostics and NursesStat subsidiaries constitute a positive outlook for the remainder of 2004 and beyond. Closing some of the facilities in the Florida HealthSource network is part of an on-going plan to contain costs and provide stability for the performing centers in the division.
"We want to show our shareholders that long term business planning and internal cost reviews are priorities for the company and by eliminating weak performers while entering new markets, we will gradually achieve profitability," said Evan Brovenick, iBX Group CEO.
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.