LOS ANGELES, Jan. 10, 2005 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that it has completed the acquisition of Transcriptions Plus, a transcription services company located in Palm Springs, California
Transcriptions Plus has been in business for more than 20 years, is headed by transcription industry veterans and currently has approximately 15 clients, which include a number of hospitals that service approximately 1200-1300 hospital-based physicians. Revenues in its most recent fiscal year were approximately $800,000. Under the terms of the purchase agreement, the previous owners of Transcriptions Plus received a cash payment of $300,000, and a $100,000 note payable over twelve months.
Jonathan Doctor, chief executive officer of PracticeXpert, stated, "While our core business is medical billing and practice management solutions for physicians, with the acquisition of Singer Medscript in Texas last year we added transcription services as an ancillary product offering. Many of the physicians to whom we provide medical billing and other related services, also use transcription services. By offering transcription services to our current customers, it provides us the opportunity to add additional revenues from our existing customer base.
"It is our intention to combine the operations of the southern California business, and our Texas operations, into one transcription division that will provide transcription services to physicians from all of our other divisions, as needed. Completion of this acquisition will double the size of our transcription revenues, and give us additional opportunities to sell our medical billing services and practice management solutions to those physician customers acquired through this transaction."
About PracticeXpert, Inc.
PracticeXpert, Inc. is in the business of providing "turn-key" administrative services to, as well as developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for, medical practitioners. Our services include medical billing and accounts receivable management, practice management, transcription, consulting, education and software and systems. Where applicable, 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.