IBX GROUP SUBSIDIARY INCREASES REVENUE ESTIMATES TO $1.2 MILLION ANNUALLY BY SECURING TWO NEW VENDOR CONTRACTS; FLORIDA HEALTHSOURCE NAMED PREFERRED THERAPY VENDOR FOR MAJOR U.S. RETAILER
DEERFIELD BEACH, Fla., December 11, 2002 - iBX Group, Inc.(otcbb:IBXG), a publicly-held Florida corporation, announced today that its wholly owned subsidiary, Florida HealthSource, has entered into two new vendor agreements, including a contract that establishes the company as a preferred physical and occupational therapy vendor for a major U.S. retailer.
Florida HealthSource has been established as the preferred provider network for more than 100,000 employees throughout the state of Florida.
"New vendor agreements like these will have an immediate and significant impact on Florida HealthSource's earnings," said Evan R. Brovenick, president and CEO of iBX Group. "With these two new contracts in place, estimated revenues for Florida HealthSource should reach $1.2 million for 2003.
"We're thrilled about ending the year with the new contracts. We're especially proud to be working for one of the largest retailers in the world through our agreement with Integrated Administrators," said Mark Taylor Florida HealthSource managing director. "These contracts clearly acknowledge Florida HealthSource as a state-wide leader in pain management, physical and occupational therapy and functional capacity evaluations (FCE). We look forward to working closely with Integrated Administrators and providing care to its clients' employees."
iBX's Florida HealthSource is a leader in providing comprehensive health care services in the areas of chronic pain and job-related injuries to meet the needs of Florida's employers and payers throughout the state. The company's mission is to reduce lost time and medical and indemnity costs by combining board certified pain management physicians, physical and occupational therapists, transportation and translation services throughout the state.
In a related matter, Florida HealthSource will soon open a new facility in a prominent downtown medical building in Boca Raton, Florida with plans to operate a full-service "multi-disciplinary" clinic designed to offer Physical Therapy, Occupational Medicine, Pain Management and Chiropractic Care.
The new clinic is part of the company's strategic plan to expand its capabilities in the area of Physical and Occupational Medicine by creating an "owner/manager" model for operating multiple centers and referral networks throughout the state of Florida. Such centers would showcase the wide range of technology and information services offered by iBX.
Based in Deerfield Beach, Florida, iBX Group Inc. (www.ibxg.com) develops and deploys innovative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of three divisions - Healthcare Transaction Management, Physical Therapy and Rehabilitation, and Technology and Information Services. By creating and utilizing the latest technologies, Internet-based communications and hands-on expertise, iBX strives to meet the needs of hospitals, single and multi-specialty physician group practices and healthcare service organizations seeking to achieve the maximum financial benefit of their accounts receivables by controlling workflow, consolidating administrative functions and addressing compliance issues.
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.