HASBROUCK HEIGHTS, N.J., Nov. 22, 2005 (PRIMEZONE) -- U.S. MedSys Corp. (OTCBB:UMSY) (the "company") is pleased to announce the filing of its Form 10-QSB for the first quarter of fiscal 2006, which showed continued revenue growth for the fourth straight quarter. For the first three months of fiscal 2006, the company recognized net revenue of $726,127 compared to net revenue of $106,885 for the first three months of fiscal 2005. Gross profit from operations increased to $210,834 for the first three months of fiscal 2006 compared to a gross profit of $106,885 for the first three months of fiscal 2005. Net loss for the same period increased to ($838,620) as compared to a net loss of ($833,190) for the first three months of fiscal 2005. The increased revenue represents the implementation of various new customer contracts, continued expansion of existing contracts that became revenue producing, and maintaining a relatively consistent spending pattern despite the implementation of new contracts.
Total shareholder's equity decreased to $1,647,448 as of September 30, 2005, representing a decrease from $2,486,089 as of June 30, 2005. For the first three months of fiscal 2006, net loss per share remained consistent at (.03) as compared to the first three months of 2005. The company reported total assets of $3,671,695 as of September, 30, 2005, which was a decrease compared to the total assets of $3,691,026 reported as of June 30, 2005.
Anthony Rubino, CFO stated that: "The first quarter of fiscal 2006 marked another record revenue quarter for GMD, LLC (Global Medical Direct), and U.S. MedSys. We are very excited about our progress at GMD and we anticipate continued strong growth in our diabetic supply business. The company remains fully committed to the implementation of our business plan and intends to commence revenue operations in both our PMC Footcare Network and New England Orthotic and Diabetic Shoe divisions within the next 90 days. It is a testament to the management of this organization that we have remained focused in achieving short term goals while laying the foundation to implement our long term objectives. As we move forward as a company we must continue to refine and solidify the infrastructure and processes that are currently in place to assist us in continued growth."
Investors are encouraged to review the complete report available at www.sec.gov or at the company's website at www.usmedsyscorp.com.
About U.S. MedSys Corp.
U.S. MedSys Corp. is a medical network developer, marketing and distribution organization which provides support services and medical technology to the healthcare industry. U.S. MedSys Corp. is focusing on its core competencies in healthcare delivery, network development and marketing. The company's purpose is to create a total platform that can be presented to healthcare providers as a means for healthcare administrators to cut costs without sacrificing quality of care to its membership. The UMSY business network consists of Global Medical Direct, a provider of sales, marketing and distribution of self-management products and services to patients with diabetes, PMC/Footcare,LLC, PMC Occular,LLC and New England Orthotic and Diabetic Shoe Company (NEODS), which has been established to manufacture and market semi-custom orthotics, diabetic shoes and insoles. The company also markets its proprietary wound care program to the nursing home market.
Safe Harbor Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of section 27A of the 1933 Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the company to execute its plans. By making forward-looking statements, the company can give no assurances that the transactions described in this release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.