LAS VEGAS, May 21, 2004 (PRIMEZONE) -- Winfield Financial Group, Inc. (OTCBB:WFLD), a Nevada Corporation, is pleased to announce that is has closed a transaction with Healthcare Business Services Groups, Inc. to purchase 100% of the shares of Healthcare Business Services Groups and Healthcare Business Services Groups became a wholly-owned subsidiary of the company. As part of the same transaction, Winfield acquired 100% of the issued and outstanding shares of AutoMed Software Corp., A Nevada Corporation, and 100% of the membership interests of Silver Shadow Properties, LLC, a Nevada single member limited liability company. Winfield acquired 100% of all 3 entities, collectively referred to as HBSGI, from Chandana Basu, the sole owner, in exchange for 25,150,000 newly issued treasury shares of Winfield's common stock. Immediately after this transaction, there were 31,414,650 shares issued and outstanding.
In connection with the acquisition, Bharati Shah, MD was appointed as director to fill in the vacancy of Linda Burley and Christopher Medero was appointed as Secretary to the company. Dr. Narinder Grewal also became director of the company.
Through this transaction, Winfield Financial Group will change its business focus and will be engaged in the business of providing medical billing services to the health care providers in the United States. The Company will also change its name to Healthcare Business Services Groups, Inc.
About HBSGI and related companies
HBSGI has been a medical billing service provider for over nine years and has assisted various health care providers to successfully enhance their billing function. With operations in Rhode Island, California and Texas, HBSGI considers itself to be one of the fastest growing full service medical billing agencies in the United States.
AutoMed(TM)
AutoMed(TM) has developed a proprietary software system that when launched, HBSGI believes, will substantially grow the revenues over the next 3 - 5 years extending its billing model into the technology era. The AutoMed(TM) software will provide automated billing in the area of insurance claims processing via electronic submission and will be a means to provide one-stop shopping for medical office management. HBSGI estimates that by using AutoMed(TM), a medical practice will save 50% - 75% of its billing and collection cost which could be as much as $50,000 over a one year period. HBSGI believes that that AutoMed(TM) is poised to drastically change the medical billing process.
Silver Shadow Properties, LLC
Silver shadow acquired real estate in Upland, California and is currently renovating an existing building and in the process of constructing a new building for its surgery center. These surgical centers can offer the same services as an out-patient hospital, but at decreased costs and higher convenience and will be able to provide the excellent healthcare of hospitals at a competitive cost with more convenient locations. The surgical care industry in the United States includes about 1,500 companies that operate 3,500 freestanding outpatient surgical centers, with combined annual revenues close to $6 Billion.
Winfield intends to announce more details to its revised business focus within the next two weeks as well.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.