MIAMI, June 23 /PRNewswire/ -- Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians and manager of Physhield Insurance Exchange, a licensed medical malpractice insurer, today announced that it has issued its audited financial statements for the year ended December 31, 2008. The financials are being posted today on the Pink Sheets (www.pinksheets.com).
Mr. Robert Trinka, chairman and chief executive officer, stated, "The Obama Administration's healthcare reform initiative has now taken center stage. As I advised earlier this year, we must anticipate and remain ready for major changes in the healthcare insurance marketplace. Phyhealth's best strategy is to continue to maintain a watchful posture through the next few months as the reform effort plays out. However, the 92.5% ownership position we now hold in Phyhealth Underwriters gives us the opportunity to ramp up our marketing effort for Physhield Insurance Exchange, and we expect positive results by year end."
"We are pleased to report our balance sheet is in a much stronger position at the end of 2008, following our debt-to-equity conversion. We have taken advantage of our strong cash position through several strategic investment opportunities that we believe offer a highly favorable risk-reward ratio. We are also moving forward with our plans to file an S-1 registration with the SEC and a Form 211 with FINRA to make Phyhealth a fully reporting Company traded on the OTC Bulletin Board during the second half of 2009. We believe the increased visibility and transparency as a fully-reporting company will ultimately benefit shareholders as we execute our business strategy."
As of December 31, 2008, the Company held total assets of $3,406,321, of which, $3,067,171 was held in cash and cash held in escrow for investment. This compares with $57,713 in total assets and $32,653 in cash at the end of the 2007 fiscal year. The Company had total liabilities of $110,785 as of December 31, 2008 compared to $1,486,916 at December 31, 2007.
About Physicians Healthcare Management Group, Inc.
Physicians Healthcare Management Group, Inc. (Phyhealth) is a developer of community-based health maintenance organizations (HMOs) that are owned and operated in partnership with the participating physicians. Phyhealth Plans are designed to deliver high-quality affordable healthcare by enabling physicians to assume end-to-end management of healthcare for their patients. The Phyhealth model empowers physicians to provide preventive healthcare and proactively manage their patient's general health by aligning incentives amongst the HMO, physician and the patient. Phyhealth intends to offer additional value-added products and services in cooperation with physicians, including medical malpractice insurance, local care facilities and wellness programs, as well as information technologies such as secure electronic medical records.
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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