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Paincare Holdings Completes Acquisition of Gables Surgical Center Located In Miami, Florida

Posted on: Wednesday, 3 August 2005, 09:01 CDT

ORLANDO, Fla., Aug. 3 /PRNewswire-FirstCall/ -- PainCare Holdings, Inc. , a leader in the delivery of pain management solutions, including interventional pain management, minimally-invasive spine surgery, orthopedic rehabilitation, ambulatory surgery centers and diagnostics, today announced that it has received regulatory approval and satisfied all pre-closing conditions associated with acquiring controlling interest in PSHS Beta Partners, Ltd. d/b/a Gables Surgical Center (GSC), a Medicare certified and Florida licensed ambulatory surgical center located in Miami, Florida.

As noted in a previous news announcement (July 25, 2005) and in accordance with the terms of the acquisition agreement, PainCare acquired through a wholly owned subsidiary 100% of the interest in GSC owned by the General Partner, PSHS Partnership Ventures, Inc., and approximately 25% of the interest in GSC owned by four Limited Partners. PainCare Surgery Centers II, Inc., a wholly owned subsidiary of PainCare, is now the sole general partner of GSC and owns 73% of all partnership interests in the partnership.

In consideration for the general partner's interest and a controlling stake in GSC, PainCare paid the sellers a total of $8,221,370 less $133,925 in long-term debt that was satisfied at closing in a combination of cash, notes and common stock. Based on its historical financial performance, GSC is expected to contribute more than $3.5 million in net revenues and more than $1.5 million in net operating income to PainCare each year.

About PainCare Holdings, Inc.

Founded in Orlando, Florida in 2000, PainCare is rapidly emerging as one of North America's leading providers of cost-effective, high-tech pain relief. The Company has established and is aggressively expanding a highly specialized, professional health services organization that is comprised of many internationally renowned neuro- and orthopedic surgeons, physiatrists and pain management specialists. Specifically, PainCare's cadre of medical professionals offer pain sufferers a wide range of modalities including interventional pain management, minimally invasive spine surgery and orthopedic rehabilitation.

Through acquired or managed practices, and in partnership with independent physician practices, group practices and medical institutions throughout the country, PainCare also offers numerous ancillary services including MedX- Direct, a proprietary, on-site, turnkey orthopedic rehabilitation program; EDX-Direct, a comprehensive electro-diagnostic medicine program; diagnostic imaging services; Intra Articular Joint Program, a proprietary, non-operative treatment protocol for addressing knee pain and stiffness caused by osteoarthritis; and medical real estate services. In addition, the Company owns and operates five ambulatory surgery centers located in the southeast region of the United States.

For more information on PainCare Holdings, please visit http://www.paincareholdings.com/ .

This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance, are subject to the following risks: the acquisition of businesses or the launch of new lines of business, which could increase operating expenses and dilute operating margins; the inability to attract new patients by our owned practices, the managed practices and the limited management practices; increased competition, which could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with physician practices, whether due to competition or other factors; the inability to comply with regulatory requirements governing our owned practices, managed practices and the limited management practices; that projected operating efficiencies will not be achieved due to implementation difficulties or contractual spending commitments that cannot be reduced; and to the general risks associated with our businesses.

In addition to the risks and uncertainties discussed above you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

FOR MORE INFORMATION, PLEASE CONTACT: Media Relations Mike Krutzler, Higher Advertising, Inc. at 407.447.1340 or via email at Mike@highadvertising.com Investor Relations Stephanie Noiseux, Elite Financial Communications Group, LLC at 407.585.1080 or via email at prz@efcg.net

PainCare Holdings, Inc.

CONTACT: Media Relations, Mike Krutzler, Higher Advertising, Inc.,+1-407-447-1340, or Mike@highadvertising.com; or Investor Relations, StephanieNoiseux, Elite Financial Communications Group, LLC, +1-407-585-1080, orprz@efcg.net, for PainCare Holdings

Web site: http://www.paincareholdings.com/

Source: PRNewswire-FirstCall

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