DEERFIELD BEACH, Fla., June 7, 2004 (PRIMEZONE) -- iBX Group, Inc. (OTCBB:IBXG) announced today it has closed a $450,000 working line of credit with Wachovia Bank. According to iBX's management, the credit line will be used to support operations while providing the stability needed to refocus the core business. Kaela Lerner, vice president of business development at Wachovia in Boca Raton, acted as financial advisor on the transaction.
"In the last three weeks, we have secured the necessary funding to strengthen our business model and position the company for the growth opportunities in the months ahead," said Evan R. Brovenick, president and CEO of iBX Group, Inc. "With several recent transactions already in place and new acquisitions on the horizon, the overall financial picture for 2004 is looking very solid."
In the process of securing the first of the new funding transactions, iBX Group adjusted its business model to be focused on three distinct divisions:
- iBX Technologies, which provides traditional accounts receivable collection services for large institutions, practice management, application development, transcription and compliance services. - Florida HealthSource division, operates multidisciplinary physical therapy and rehabilitation clinics and a physician referral network throughout Florida. The recently launched Aevum HealthSource network, offering age-management and life-enhancement protocols and treatments utilizing board-certified physicians. Aevum HealthSource is currently being showcased in the division's flagship clinic. - NursesStat, an innovative healthcare management solutions division, recently added several new services in order to better meet the needs of its clients in the healthcare industry and to maximize new business opportunities. Through its new clinical data research arm, NursesSTAT recently formed a strategic alliance with a Philadelphia-area management consulting firm to deploy a data collection application for the pharmaceutical industry. NursesSTAT is also in the process of securing a new nurse staffing acquisition, further positioning the company in an industry that is experiencing unprecedented growth.
About iBX Group Inc.
Based in Deerfield Beach, Florida, iBX Group Inc. develops and deploys creative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, iBX Technologies, which enables healthcare organizations to maximize collections of their accounts receivables; Florida HealthSource, a network of physical therapy and wellness centers; MediCompliant Solutions, which ensures medical practices' compliance with today's complex legal requirements; iBX Transcription Services, which offers physicians quick turn-around and Web-accessible progress reports; and NursesSTAT, a revolutionary temporary staffing solution. The company also owns SportshealthNet.com and TheNetDigest.com, interactive Web portals providing patients with comprehensive healthcare information and advice, and increasing physician referrals.
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.