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 its board of directors has approved a stock buyback program to purchase up to 5% of the Company's outstanding Common Stock.
The shares will be purchased on the open market at the market price. The purchases will be made at the Company's discretion and can begin 24 hours after the release of Phyhealth's third quarter financial statements and will continue for up to 60 days. Market conditions will influence the timing of the buyback transactions and the number of shares repurchased. The repurchased shares will be held by the Company as Treasury Stock for future use at the Company's discretion.
As of September 30, 2008, Phyhealth had 156,073,725 common shares outstanding. The Company's third quarter financial statements, which are due to be released at the end of October will reflect total assets of $3,504,956 of which $3,466,217 is 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 has total liabilities of $24,608 as of September 30, 2008 compared to $1,486,916 at December 31, 2007.
Mr. Robert Trinka, chairman and chief executive officer, commented, "The board and senior management team of Phyhealth believe that the current market environment has presented a unique opportunity to buy back shares of the Company at an attractive valuation, which will help to reduce the number of common shares available for trading in the market. We plan to hold these shares in the Treasury, which can be utilized in the event of a potential acquisition or to incentivize future employees. We remain extremely excited about the long-term growth prospects for the company and believe this step further illustrates our confidence in the business."
About Physicians Healthcare Management Group, Inc.
Phyhealth is a developer of fully integrated healthcare organizations in partnership with physicians. Phyhealth Plans preserve the physician-patient relationship in order to deliver high-quality affordable healthcare within its selected communities. Phyhealth offers a turnkey, prepaid health plan solution to physicians for their Medicare and other individual patients who prefer to choose their own doctor and who make their own healthcare insurance purchasing decisions. Phyhealth Plans are unique in integrating all aspects of the delivery and financing of care, including providing medical liability insurance protection through Physhield Insurance Exchange, Phyhealth's exclusive risk retention group. The Phyhealth model empowers physicians to proactively manage their patient's general health and medical care and enhances physician financial rewards by increasing practice revenues, reducing expenses and restoring the economic value (equity) of their medical practices.
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.
|SOURCE Physicians Healthcare Management Group, Inc.|
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