ORLANDO, Fla., Oct. 27 /PRNewswire-FirstCall/ -- PainCare Holdings, Inc. , one of the nation’s leading providers of pain-focused medical and surgical solutions and services, today announced that at its 2006 Annual Meeting of Stockholders held today in Orlando, Florida, shareholders approved all items up for vote, including the election of directors and the ratification of the appointment of Beemer, Pricher, Kuehnhackl & Heidbrink, P.A. as independent auditors for the Company for the year ending December 31, 2006.
Following adjournment of the formal portion of the Annual Meeting, President Ron Riewold and CFO Mark Szporka gave a presentation to Meeting attendees, sharing insight into the Company’s planned new business initiative, Integrated Pain Solutions, and the Company’s general growth strategies for the coming year.
Riewold stated, “Moving forward, PainCare intends to execute business growth strategies providing for a continuum of excellence. We are intent on taking the lead in pioneering and advocating highly effective solutions based on a ‘full circle’ system of care involving patients, network care providers and those responsible for footing the lion’s share of the cost of pain treatment. Although this approach to managing and administering specialized and centralized care has been implemented in a select few medical disciplines -- such as behavioral health and diagnostics -- PainCare will be the first to implement a Specialized Managed Service Organization specifically focused on pain.”
“The prevailing state of the U.S. healthcare industry is driving demand for innovative solutions from forward-thinking companies capable of addressing mounting healthcare costs and an aging population. In the field of pain, PainCare will continue to strive to be that innovator -- the one pioneering positive change and successfully working towards establishing a cost effective, best-of-class system of care,” continued Riewold.
Commenting on growth strategies in the coming year, Szporka added, “We anticipate that PainCare will be in a position to achieve the following objectives in the coming year:
* PainCare will support the organic growth of our existing practices through continued investment in on-site expansion programs, in keeping with our traditional business model; * PainCare will also persist in its efforts to identify and pursue attractive acquisitions of profitable, well established pain practices on a highly selective basis; * Central to our overriding mission, PainCare will remain focused on perpetuating and enhancing our leadership in the areas of interventional pain management, minimally invasive spine surgery, orthopedic rehab and physiatry; and * PainCare anticipates commercially launching our Specialized Managed Service Organization, Integrated Pain Solutions, in the first quarter of 2007. About PainCare Holdings, Inc.
Headquartered in Orlando, Florida, PainCare Holdings, Inc. is one of the nation’s leading providers of pain-focused medical and surgical solutions and services. Through its proprietary network of acquired or managed physician practices and ambulatory surgery centers, and in partnership with independent physician practices and medical institutions throughout the United States and Canada, PainCare is committed to utilizing the most advanced science and technologies to diagnose and treat pain stemming from neurological and musculoskeletal conditions and disorders.
Integrated Pain Solutions, a wholly owned subsidiary of PainCare Holdings, is a pain-focused Specialized Managed Service Organization currently engaged in establishing provider networks in select U.S. markets to manage and administer the delivery of pain care for the payer community. Through its wholly owned subsidiary, Caperian, Inc., PainCare offers medical real estate and development services. For more information on PainCare Holdings, please visit www.paincareholdings.com.
This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance, are subject to the following risks: the acquisition of businesses or the launch of new lines of business, which could increase operating expenses and dilute operating margins; the inability to attract new patients by our owned practices, the managed practices and the limited management practice; increased competition, which could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with physician practices, whether due to competition or other factors; the inability to comply with regulatory requirements governing our owned practices, the managed practices and the limited management practices; that projected operating efficiencies will not be achieved due to implementation difficulties or contractual spending commitments that cannot be reduced; and to the general risks associated with our businesses.
In addition to the risks and uncertainties discussed above you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT: Media Relations Suzanne Beranek at 407.475.0763 or via email at suzanne@beranekcommunications.com Investor Relations Dodi Handy, Elite Financial Communications Group, LLC at 407.585.1080 or via email at prz@efcg.net
PainCare Holdings, Inc.
CONTACT: (Media Relations) Suzanne Beranek, +1-407-475-0763 orsuzanne@beranekcommunications.com; or (Investor Relations) Dodi Handy,Elite Financial Communications Group, LLC, +1-407-585-1080 or prz@efcg.net,both for PainCare Holdings, Inc.
Web site: http://www.paincareholdings.com//
