UPLAND, Calif., April 21 /PRNewswire-FirstCall/ -- Healthcare Business Services Groups, Inc. (BULLETIN BOARD: HBSVE) , a provider of full-service medical billing services and practice management solutions and future operator of surgery centers, announced today that it has completed the engineering and architectural schematics for its first surgery center. The initial plan calls for the development of a 14,500 square foot building and the renovation of a 3,000 square foot building on the Upland, California property identified for the surgery center. The Company is in the process of obtaining approval of its building permits and will require approximately $2.5 million in additional financing to complete the planned surgery center. The Company believes that once completed, the facility has the potential to add $2.5 million in assets to the Company's balance sheet. Additional photographs, renderings, and utility plans are available at the Company's web site at http://www.thenewhbsgi.com/.
Chandana Basu, chief executive officer of Healthcare Business Services Groups, stated, "Completing these tasks is a monumental and relieving milestone for the company. The drafting and constant revising of these schematics required to meet our business objectives and municipal permitting is arduous, but essential to successfully and legitimately moving the initiative forward. With a great deal of the initial behind the scenes work complete, we feel comfortable that we should be able to aggressively move forward with the development of our surgery center initiative."
Basu continued, "Having recently received unanimous approval to build from the Upland, California City Council, we are excited that the new business initiative will come to fruition in the near term. These surgery centers will offer physicians and their patients low-cost, community based treatment while representing a new revenue stream for the Company."
About Healthcare Business Services Group, Inc.
Healthcare Business Services Groups, Inc. is a provider of full-service medical billing services and practice management solutions nationwide. In addition to its core medical billing services, the Company offers what it believes to be the only fully automated medical billing software product, AutoMed, on the market. Healthcare Business Services Groups also plans to develop and operate surgical centers nationwide to provide full-service, low cost surgical center option to physicians and providers.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
Chandana Basu, CEO Rick McCaffrey Healthcare Business Services Groups, Inc. OTC Financial Network (909) 608-2035 781-444-6100 x625 Colorred1@aol.comRick@otcfn.comhttp://www.thenewhbsgi.com/http://www.otcfn.com/hbsv/ also http://www.hbsgi.com/
Healthcare Business Services Groups, Inc.CONTACT: Chandana Basu, CEO of Healthcare Business Services Groups, Inc.,+1-909-608-2035, Colorred1@aol.com; or Rick McCaffrey of OTC Financial Network,+1-781-444-6100 ext. 625, Rick@otcfn.com
Web site: http://www.hbsgi.com/