iBX to Receive $1.5 Million from South Florida-Based Investment Group to Begin Roll-out of New Service
Business Editors/Health/Medical Writers/High-Tech Writers
DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–Oct. 27, 2003
A well-known Palm Beach County-based investment group has completed the fourth traunch of its $1.5 million of capital investment in iBX Group, Inc. (OTCBB:IBXG), company officials confirmed today. The investment group has pledged to continue with its commitment, which will be fulfilled over the next 90 days.
Earlier this month, iBX announced that it was approved for a working capital line of credit that will enable the company to access funds at a preferred rate to retire several obligations and to continue the company’s expansion into the most promising sectors of the healthcare marketplace.
“This commitment from the investment group, along with the line of credit, will also enable us to more effectively manage several of our product roll-outs including the national distribution of our DocManager electronic medical document storage and management service, as well as helping us to speed up the completion of acquisitions already in the works,” said Evan R. Brovenick, president and CEO of iBX. “DocManager is an extremely attractive option for healthcare providers who are moving toward ‘paperless’ offices, so it was only a matter of securing the resources necessary to build nationwide awareness of its capabilities.”
DocManager, developed by the company’s iBX Technologies division, can be used to securely store and manage a variety of text documents and images, and can be accessed from any Internet-equipped workstation. The system can be easily customized to allow users to choose from a variety of document retrieval methods. DocManager is fully compliant with all current healthcare legislation, including the Health Insurance Portability and Accountability Act (HIPAA).
Based in Deerfield Beach, Florida, iBX Group Inc. develops and deploys creative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of five divisions – iBX Technologies, which enables healthcare organizations to maximize their accounts receivables; Florida HealthSource, a network of physical therapy and wellness centers; MediCompliant Solutions, which ensures medical practices’ compliance with today’s complex legal requirements; iBX Transcription Services, which offers physicians quick turn-around and Web-accessible progress reports; NursesSTAT, a revolutionary temporary staffing solution. iBX also owns SportshealthNet.com and TheNetDigest.com, interactive Web portals providing patients with comprehensive healthcare information and advice, and increasing physician referrals.
This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain “forward-looking statements and information” (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.’s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in ibex’s filings with the Securities and Exchange Commission.
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