UPLAND, Calif., Feb. 22, 2005 (PRIMEZONE) -- Healthcare Business Services Groups, Inc. (OTCBB:HBSV), a provider of full-service medical billing services and practice management solutions and future operator of surgery centers, announced today that its plans and schematics for the Company's new corporate offices and surgery center facility building plan has been unanimously approved and accepted by the City Council in Upland, California.
The milestone is significant, as approval will allow the company to move forward towards breaking-ground on the development of the facility after obtaining all necessary permits. Furthermore, the property selected for development, was originally zoned as residential due to its proximity to other residential communities.
Chandana Basu, president of Healthcare Business Services Group, stated, "Our ability to obtain this approval is indicative of the legitimacy and efficiency of our contractors and the viability of our business plan. A land-slide decision to rezone the property and allow us to move forward with the surgery center development is a noteworthy accomplishment and should be well-received by our shareholders."
Basu continued, "This is the first of several surgery centers we plan to open this year. Our surgery centers will offer physicians a community-based, low cost option to perform surgical procedures, while they offer the Company a new asset base, revenue stream from procedures and additions to the Company's core medical billing services and solutions."
About Healthcare Business Services Group, Inc.
Healthcare Business Services Group, Inc. is a provider full-service medical billing services and solutions and operator of surgery centers. The Company provides traditional, customized medical billing services and support to physicians, providers, and healthcare facilities across the nation. In addition to its core medical billing services, the Company offers a comprehensive, full-service medical billing software product, AutoMed, Inc., that is the only fully automated product on the market. Healthcare Business Services Group also plans to develop and operate surgical centers in the primary geographic markets it provides medical billing services to provide a full-service, low cost surgical center option to physicians and providers. The Company has completed architectural and engineering plans for its first surgical center, has retained a general contractor, and acquired the financing to begin development. For more information visit http://www.thenewhbsgi.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.