WELLINGTON, Fla., Feb. 14 /PRNewswire-FirstCall/ -- The Quantum Group, Inc. (Amex: QGP, QGP.WSA, QGP.WSB) (http://www.QuantumMD.com) today announced that it has reported fourth quarter and year end financial results for the fiscal year ended October 31, 2007.
The Company reported a 4,700% increase in total revenues recorded from $95,253 in fiscal year 2006 to $4,565,140 in fiscal year 2007. Further, the Company reported a 5,044% increase in fourth quarter revenues from $2,049,004 in fiscal year 2007 as compared to $39,831 reported in same quarter for fiscal year 2006.
The number of healthcare providers affiliated with Quantum subsidiary Renaissance Health System of Florida, Inc. (http://www.RHSFL.com) increased 33 percent from fiscal year 2006. In October 2006, the Company had established relationships with 1,200 providers. In October of 2007, that number increased to 1,600 and further expanded to 1,800 in January of 2008.
Additionally, the Company reported a 871% increase in the enrolled patient base served by Renaissance from 981 at the close of fiscal year 2007 to 101 at the same time in fiscal year 2006.
The Company reported net losses of $11,260,100 for fiscal year 2007 as compared to $4,672,760 in fiscal year 2006, representing an increase of 141%. The per share loss was $6.55 for fiscal year 2007 as compared to $4.72 for fiscal year 2006. Much of the increase was directly attributed to $3,993,027 in additional costs associated with debt financing and a $1,930,354 increase in personnel costs aligned with Company expansion.
Noel J. Guillama, President and CEO of The Quantum Group commented, "Fiscal year 2007 was a landmark year for our Company. We achieved a significant number of the benchmarks we set for ourselves. The development of our services, people and technology was in line with what we set out to accomplish and deliver. Most notably, our Company laid the groundwork for the successful completion of our public offering in the first quarter of fiscal year 2008 (December 13, 2007). This achievement has given us the resources to build on the progress attained during our first year of operations. Our accomplishments are the result of the exceptional employees/equity owners that make up this Company."
Guillama continued, "As we look toward the future, we intend to be a leader of innovation and progress in consulting and outsourcing services for the healthcare industry in the state of Florida. I believe our people are the catalyst that will propel this Company to achieve the goals we now have before us in fiscal year 2008. We have set a high standard for ourselves to follow and we look forward to the challenges and opportunities ahead in 2008 with great determination and excitement."
About the Company
The Quantum Group, Inc. is a Florida-based organization. The Company builds and manages healthcare systems and offers consulting and outsourcing services that will be leveraged by leading-edge technology to the nation's largest and fastest growing industry- healthcare.
The Company is engaged in the development and execution of a series of innovative patent-pending technology initiatives designed to make Quantum one of the state's leading providers of business solutions for the healthcare industry. Through its growing number of nearly 1,800 contracted physicians and managed care relationships in the state of Florida, the Company believes it is positioned to bring increased efficiencies to the Florida healthcare industry.
Certain statements contained in this news release, which are not based
on historical facts, are forward-looking statements as the term is defined
in the Private Securities Litigation Reform Act of 1995, and are subject to
substantial uncertainties and risks in part detailed in the respective
company's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-K
filings (and amendments thereto) that may cause actual results to
materially differ from projections. Forward-looking statements can be
identified by the use of words such as "expects," "plans," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates" and other words
of similar meaning. These statements are subject to risks and uncertainties
that cannot be predicted or quantified and, consequently, actual results
may differ materially from those expressed or implied by these
forward-looking statements. Such risk factors include, without limitation,
the ability of the Company to properly execute its business model, to raise
substantial and immediate additional capital to implement its business
model, to attract and retain executive, management and operational
personnel, to negotiate favorable current debt and future capital raises,
to negotiate favorable agreements with a diversified provider base and to
continue to supply the services needed by its HMO clients as well physician
clients. The Company does not undertake any obligation to publicly update
any forward-looking statements. There can be no assurance that the
provisional patents discussed in this press release will be granted by the
US Patent and Trademark Office, or, if they are granted, they will not be
challenged by third parties, or if not that we will be able to effectively
use or commercialize such patents and/or we may not have the resources to
deploy such technology. As a result, investors should not place undue
reliance on these forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT:
BPC Financial Marketing
Vice President Corporate Communications
The Quantum Group, Inc.
|SOURCE The Quantum Group, Inc.|
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