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Phyhealth Announces Stock Buyback Program
Date:10/30/2008

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 bel
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SOURCE Physicians Healthcare Management Group, Inc.
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