DEERFIELD BEACH, Fla., Dec. 23, 2004 (PRIMEZONE) -- iBX Group, Inc. (OTCBB:IBXG) announced today that its management team has initiated a plan to restructure and eliminate underperforming divisions. In an ongoing effort to contain expenses, reduce debt and allow for funding of new business, iBX will close its Florida HealthSource subsidiary, as well as temporarily shelve the internet information services, SportsHealthNet and The NetDigest effective December 31, 2004.
The outlook for the first quarter includes the launch of a financial services business that will provide accounts receivable financing, equipment leasing and commercial lending focused on the healthcare community. The diagnostic division will make the first shipment in January of the FDA approved, blood analysis device, in2it(tm) from Provalis. iBX will also add new revenue from a contract initiated this month to provide accounts receivable management, as well as claims processing for a diagnostic laboratory in Palm Beach County, Florida
Period ended Sept. 31, revenue rose 60% as compared to period ended June 30, 2004. "This sign of recovery along with a capital funding program from a institutional investment group totaling more than $500,000.00 in recent months, has contributed significantly to the company's ability to survive the downturn that was experienced this past year," according to company executives.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of iBX Group, Inc. management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: adverse weather conditions, historical seasonality, loss of customers, increased competition and other risks detailed from time to time in filings with the Securities and Exchange Commission. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, the Company's actual results could differ materially from the results forecast in the forward-looking statements.