DEERFIELD BEACH, Fla., Aug. 18, 2004 (PRIMEZONE) -- iBX Diagnostics, Inc., a newly formed subsidiary of iBX Group, Inc. (OTCBB:IBXG), announced today that is has recently signed a contract with Provalis Diagnostics, a provider of in-office, blood testing devices based in the United Kingdom, as a premiere distributor of its "in2it" product. The new division of iBX will sell the analyzer to healthcare providers nationwide that provide diabetes management through its own network of distributors. iBX Diagnostics will also provide transaction processing and lease financing services. Based on the terms of the contract the company expects to generate $3 million in revenue over the next 12 months as a result of its initial commitment of 600 units from Provalis. iBX Diagnostics will expand its operations by acquiring the rights to distribute other products through its network and by obtaining servicing opportunities from a broad spectrum of healthcare providers.
"This new development is a positive reaction to our restructuring efforts and our ongoing campaign to enter into the most exciting segments of the healthcare industry. We are committed to pursuing the markets that benefit most from the long-held commitment by iBX that combining technology and administrative services are key to achieving the financial goals of healthcare providers today," said CEO of iBX Group, Evan Brovenick.
The "in2It" In-Office Analyzer allows physicians a clinical edge by providing lab-accurate results in the office, in less than seven minutes. "By eliminating the visits and delays associated with outside-lab results, a physician can immediately reduce the consumption of precious time and resources and better manage the over 13 Million Americans diagnosed with Diabetes," said Brovenick, the president of iBX Diagnostics. "With the test being reimbursable by insurance companies, the device is a sound clinical and business solution for most healthcare providers," added Brovenick.
Safe Harbor
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.