• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Phyhealth Issues 2008 Third Quarter Financial Statements

Posted on: Thursday, 30 October 2008, 18:00 CDT

MIAMI, Oct. 30 /PRNewswire-FirstCall/ -- Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians, today announced that it has issued its financial statements for the quarter ended September 30, 2008. The financials are being posted today on the Pink Sheets. As a result of filing its updated financials, Phyhealth expects to qualify for the "Current Information" designation (identified by a Pink Checkmark icon) by the Pink Sheets.

Mr. Robert Trinka, chairman and chief executive officer, stated, "The 2008 third quarter financials show the strengthening of our balance sheet, due in part to our August 2008 debt to equity conversion. This conversion was an important step forward for the Company in the regulatory approval process for the Certificate of Authority necessary to operate our Pilot HMO. These financial statements together with our audited 2006 and 2007 financials represent our ongoing commitment to full transparency for the Company's shareholders, business partners and the larger investment community."

As previously disclosed, as of September 30, 2008, the Company held total assets of $3,504,956, of which, $3,466,217 was held in cash and restricted cash designated for the operation and development of the Company's Pilot HMO. This compares with $57,713 in total assets and $32,653 in cash at the end of the 2007 fiscal year. The Company had total liabilities of $24,608 as of September 30, 2008 compared to $1,486,916 at December 31, 2007.

About Physicians Healthcare Management Group, Inc.

Physicians Healthcare Management Group, Inc. (Phyhealth) is a developer of community-based health maintenance organizations (HMOs) that are owned and operated in partnership with the participating physicians. Phyhealth Plans are designed to deliver high-quality affordable healthcare by enabling physicians to assume end-to-end management of healthcare for their patients. The Phyhealth model empowers physicians to provide preventive healthcare and proactively manage their patient's general health by aligning incentives amongst the HMO, physician and the patient. Phyhealth intends to offer additional value-added products and services in cooperation with physicians, including medical malpractice insurance, local care facilities and wellness programs, as well as information technologies such as secure electronic medical records.

Forward-Looking Statements

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Physicians Healthcare Management Group, Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Additional information is available at: http://www.phyhealth.com/.

Physicians Healthcare Management Group, Inc.

CONTACT: David K. Waldman or Klea K. Theoharis, both of CrescendoCommunications, LLC, +1-212-671-1020, Phyhealth@crescendo-ir.com

Web Site: http://www.phyhealth.com/

Source: PRNewswire-FirstCall

More News in this Category