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Phyhealth Completes $250,000 Funding
Date:10/29/2008

MIAMI, Oct. 29 /PRNewswire-FirstCall/ -- Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians, today announced the signing of a $250,000 Note with The Nutmeg Group, LLC. The funding provides Phyhealth with additional working capital to support its general corporate regulatory and business development activities.

The Company currently has an additional $3,500,000 in cash, which is designated for developing and funding its Pilot HMO.

The note matures on September 30, 2010 and earns interest based on a formula tied to the Company's common stock price. The holder of the note is also entitled to dividends if the Company declares dividends to any of its stockholders. The Company can elect to pay the principal and interest under the Note with either cash or common stock.

Mr. Robert Trinka, chairman and chief executive officer, commented, "We view this latest funding as another important step toward creating our unique 21st century healthcare system in which Phyhealth works in concert with practicing physicians and their patients to tailor healthcare solutions that deliver the highest quality care at a superior value to all segments of the community."

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
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SOURCE Physicians Healthcare Management Group, Inc.
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