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Phyhealth Concludes $1.5 Million Financing for Launch of Its Pilot Community-Based HMO
Date:2/14/2008

MIAMI, Feb. 14 /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 completion of a $1.5 million financing, which will enable Phyhealth to develop and launch its pilot HMO in 2008. The pilot will initially be owned and operated by Phyhealth and will serve as the model from which future HMOs will be launched in partnership with participating physician groups.

This latest round of funding is designated for the pilot HMO's development and marketing costs and follows a previous funding completed in the fourth quarter of 2007 for $2.5 million to satisfy the regulatory capital surplus requirement for HMOs. The funds are held in Phyhealth Plan Corporation, a Phyhealth subsidiary formed in September 2007, which was established in accordance with Florida insurance regulations and standard industry practice to qualify as the applicant for the HMO Certificate of Authority.

Mr. Robert Trinka, chairman and chief executive officer, stated, "This latest financing is an important milestone along the critical path to the company's entry into the health insurance arena. The total $4 million in funding for the pilot HMO gives us the opportunity to start up our health insurance operations and initiate our major revenue streams by year end."

Mr. Trinka continued, "Last month we brought Stephen Dunn on board to guide us through the certification process. His years of experience in the Florida HMO market make him especially valuable to Phyhealth both from the standpoint of his marketing and compliance expertise and his extensive contacts with key members within the healthcare and insurance communities. We now have the right combination of talented people and financial resources in place to take the company to the next level. This is an exciting time in the company's history."

Mr. Trinka concluded, "
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SOURCE Physicians Healthcare Management Group, Inc.
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