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InstaCare Corp. Continues Turnaround & Reports 291% Revenues Increase in 2Q 2008
Date:8/20/2008

ISCR Also Reports 2nd Quarter and Six Months Profit Resulting From Enhanced

Operations and New Agreements

LOS ANGELES, Aug. 20 /PRNewswire-FirstCall/ -- InstaCare Corp., (OTC Bulltein Board: ISCR), a leading distributor of at-home testing diagnostics for the chronically ill, life-saving prescription drugs and a developer of patent-pending technologies for e-health and EMR applications, reported financial results for the second quarter period-ended June 30, 2008. Recent highlights include:

-- Revenues grew by 291% in 2Q 2008 vs. 2Q 2007 as sales and orders for at-home diagnostics and medical surgical product continued to surge

-- ISCR reports 2Q 2008 operating profit of $140,513 and enhanced operating margins vs. 2Q 2007

-- Company implements New Letters of Commitment executed with two medical surgical products companies and a new diabetic products manufacturer

For the second quarter of 2008, InstaCare reported revenues of $3,020,694, a gain of 291% from $1,036,849 recorded during the second quarter of 2007. The increase in revenues was due primarily to sales from the distribution of medical diagnostic and medical disposable products for patients with chronic diseases. Total operating expenses for the quarter ended June 30, 2008 were $204,118, a decrease of $98,554 over the quarter ended June 30, 2007. The Company reported an operating profit of $140,513 during the second quarter of 2008 compared with an operating loss of $174,475 recorded during the second quarter 2007. The Company incurred a net profit of $17,652, or nil per basic share for the quarter ended June 30, 2008, compared with a net loss of $150,570 or ($0.01) per basic and diluted share reported for the quarter ended June 30, 2008. InstaCare had current assets of $1,353,874 as of June 30, 2008.

Keith Berman, Chief Financial Officer of InstaCare, commented, "We are pleased to report another exceptional quarter for InstaCare as our businesses grew and remained profitable, on a continued surge in sales. We have successfully implemented our medical diagnostics and medical disposable products distribution plans and these businesses have generated almost six million dollars in sales during the first half of fiscal 2008, quite an accomplishment even in a slowing national economy. We are currently maintaining momentum in what is usually our slowest quarter, perhaps signifying further developments later this year."

For the first six months of fiscal 2008, InstaCare reported revenues of $5,818,076, a gain of 174% from $2,120,131 recorded during the first six months of fiscal 2007. The Company reported an operating profit of $287,034 during the first six months of fiscal 2008 compared with an operating loss of $430,140 recorded during the first six months of fiscal 2007. The Company reported net income of $59,381 for the first six months of fiscal 2008, compared with a net loss of $553,756 reported for the first six months of fiscal 2007.

Forward-Looking Statements:

This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.

For further information, visit the company's Web Site: http://www.instacare.net.

Company Contact:

InstaCare Corp.

Keith Berman

(805) 446-1973

info@instacare.net

InstaCare Corp.

Condensed Consolidated Balance Sheets

June 30, December 31,

2008 2007

Assets

Current assets:

Cash $113,167 $4,353

Accounts receivable 966,126 669,041

Inventory 270,450 96,450

Prepaid expenses 4,131 3,816

Total current assets 1,353,874 773,660

Fixed assets, net of accumulated depreciation

of $163,126 and $145,000, respectively 18,124 36,250

Other assets:

Deposits 3,412 3,412

Amortizable loan fees 41,669

Total other assets 45,081 3,412

Total assets $1,417,079 $813,322

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $40,806 $120,107

Accrued expenses 195,905 199,265

Accrued interest 502,335 412,837

Line of credit 586,923 467,044

Demand note - related party 280 280

Notes payable, current portion 183,361 181,021

Convertible notes payable 1,452,688 1,377,689

Total current liabilities 2,962,298 2,758,243

Long-term debt, net of current portion 57,831 85,109

Total liabilities 3,020,129 2,843,352

Stockholders' (deficit):

Preferred stock, $0.001 par value, 3,249,000

shares authorized, 207,526 shares issued

and outstanding as of June 30, 2008 and

December 31, 2007, respectively 207 207

Preferred series "A" stock, $0.001 par value,

750,000 shares authorized, no shares issued

and outstanding as of June 30, 2008 and

December 31, 2007, respectively - -

Preferred series "C" stock, $0.001 par value,

1,000,000 shares authorized, 17,860 and 20,000

shares issued and outstanding as of June 30,

2008 and December 31, 2007, respectively 18 18

Preferred series "D" stock, $0.001 par value,

1,000 shares authorized, no shares issued and

outstanding as of June 30, 2008 and December

31, 2007, respectively - -

Preferred series "E" stock, $0.001 par value,

1,000,000 shares authorized, no shares issued

and outstanding as of June 30, 2008 and December

31, 2007, respectively - -

Common stock, $0.001 par value, 1,750,000,000

shares authorized, 39,962,071 and 29,200,026

shares issued and outstanding as of June 30,

2008 and December 31, 2007, respectively 39,962 29,200

Additional paid-in capital 17,713,847 17,354,200

Shares authorized and unissued, 725,720

and 3,700,294 726 3,700

Dividends payable 386,475 292,392

Accumulated (deficit) (19,744,285) (19,709,747)

(1,603,050) (2,030,030)

Total liabilities and stockholders'

(deficit) $1,417,079 $813,322

InstaCare Corp.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Revenue $3,020,694 $1,036,849 $5,818,076 $2,120,131

Cost of sales 2,676,063 908,652 5,025,946 1,797,304

Gross profit 344,631 128,197 792,130 322,827

Expenses:

General &

administrative 64,558 78,967 125,304 181,526

Consulting 28,442 119,810 93,735 378,077

Payroll expense 79,815 34,664 200,335 87,898

Professional fees 22,240 57,486 67,596 81,976

Depreciation and

amortization 9,063 11,745 18,126 23,490

Total expenses 204,118 302,672 505,096 752,967

Net operating income

(loss) 140,513 (174,475) 287,034 (430,140)

Other income

(expense):

Contingent expenses - 81,600 - -

Financing costs (66,786) (1,907) (116,260) (11,123)

Interest expense,

net (56,075) (55,788) (111,393) (112,493)

Total other

income

(expense) (122,861) 23,905 (227,653) (123,616)

Net income (loss) 17,652 (150,570) 59,381 (553,756)

Add: Dividends

declared on

preferred - - - -

Income (loss)

available to

common

shareholders' $17,652 $(150,570) $59,381 $(553,756)

Weighted average

number of

common shares

outstanding-

diluted 216,264,003 11,341,941 211,122,433 10,768,735

Net income (loss)

per share-diluted $0.00 $(0.01) $0.00 $(0.05)

Weighted average

number of Common

shares

outstanding -

basic 38,546,597 11,341,941 36,297,301 10,768,735

Net income (loss)

per share - basic $0.00 $(0.01) $0.00 $(0.05)


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SOURCE InstaCare Corp.
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