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 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.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Complete terms of the Note will be disclosed in the Company's financial statements for the quarter ending September 30, 2008, due to be released at October month end.
|SOURCE Physicians Healthcare Management Group, Inc.|
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