WILMINGTON, Del., March 11 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc. (OTC Bulletin Board: UCMT), a Wilmington, Delaware business development company that provides management and strategic growth resources to emerging growth companies is pleased to announce that one of its holdings, iVolution Medical Systems, Inc., recently acquired Professional Healthcare Billing Services (PHB) located in Palm Springs, California.
The acquisition supports iVolution's consolidation strategy of buying already established cash-flow generating medical billing companies that will be immediately accretive to earnings. The terms of the completed transaction included cash and seller-financed debt.
PHB is an industry leader with a staff of highly trained medical billing specialists. The purchase will allow iVolution to offer clients enhanced expertise in medical billing and ease the transition to mandated electronic medical record keeping.
"We believe this is a great opportunity for PHB and its strong customer base of physicians," says Andrew Grimalda, President of PHB. "Together with iVolution we will bring the next generation of technology to the medical forefront and provide enhanced, secure and efficient solutions to our health care providers."
"We are extremely pleased to have completed this acquisition," says Craig Cohen, Co-Chairman and CEO of iVolution. "Aside from the benefits we can offer to our new clients, PHB's location on the West Coast supports our plans to expand iVolution's presence nationwide."
According to Michael Queen, CEO of Universal Capital Management, "iVolution Medical Systems remains one of our strongest holdings. The Company has an excellent business model, management team and in 2009 its revenue will continue to scale."
Pursuant to its business plan as a Business Development Company, Universal intends to dividend shares of iVolution
|SOURCE Universal Capital Management, Inc.|
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