LOS ANGELES, Aug. 17, 2004 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that it has entered into a Letter of Intent to acquire a medical billing and practice management company located in the south eastern United States.
This south eastern medical billing company has been in business since 1983, is headed by industry leading medical billing and practice management experts and currently services approximately 30 physicians. Revenues in its most recent fiscal year were approximately $2.5 million. The transaction is expected to close prior to October 31, 2004, subject to completion of due diligence and the signing of a definitive agreement.
Jonathan Doctor, chief executive officer of PracticeXpert, stated, "As previously stated, our objective is to grow PracticeXpert both through our internal sales and marketing efforts, and through the acquisition of what we consider industry leading, best of breed medical billing and practice management companies. With the completion of the acquisition of Cancer Care Network in May 2004, we not only added a company that we believe is a leader in the industry, but also moved our annualized revenue rate to approximately $15 million."
Mr. Doctor continued, "This acquisition, once completed, provides us with a presence in the south eastern region of the country, brings us additional depth of management and knowledge in medical billing and practice management, and complements nicely our existing business units. This company is but one of the numerous acquisition opportunities we are pursuing, and it is our objective to be able to announce further strategic acquisitions in the coming months."
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 revolve around our flagship Revenue Management System, PXpert(tm), and include medical billing and accounts receivable management, practice management, transcription, and consulting. 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.