Phyhealth Issues 2008 Audited Financial Statements and Provides Busin...( MIAMI June 23 /- Physicians Heal...),Health

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,
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