MIAMI, Nov. 7, 2008 (GLOBE NEWSWIRE) -- Mark Solomon, President of ER Urgent Care Holdings, Inc. (Pink Sheets:ERUC) announced that the Company had recently filed a petition for reorganization, pursuant to Chapter XI in order to assist the Company in dealing with its cash flow problems stemming from the failure of certain of its insurance reimbursers to remit funds for an extraordinarily long period. He added that the Company's core business continues to be positive, but that relatively large accounts receivable from just one company had put extreme pressure on the Company. Mr. Solomon stated that he hoped that the filing would assist collections the Company is dealing with in this situation, while other matters remain very positive. No further details of the filing were announced.
About ER Urgent Care Holdings Inc.:
ER Urgent Care Holdings Inc. operates ER Urgent Care Centers in South Florida. The "true, bona-fide, Urgent Care Center" is a one-stop shop where patients can receive premier health care and after-hours care at a fraction of the cost of emergency room visits. With the "Urgent Care Center" model emergency rooms will no longer lose money on ER patients with minor injuries and illnesses and the HMOs will no longer have to pay exorbitant claims for non-admitted patients. ER Urgent Care Centers create a win-win situation for everyone, filling the financial and service gap between primary care physicians (PCPs) and hospital emergency rooms.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.