Banyan's Chiropractic USA Subsidiary Expands into Colorado
Business Wire - December 13, 2006 11:49
LOS ANGELES, Dec 13, 2006 (BUSINESS WIRE) -- Chiropractic USA, Inc., a subsidiary of Banyan Corporation (OTCBB:BANY) has entered into a Franchise Agreement with a leading practitioner in Durango, Colorado, Dr. Jeff Rebarcek. Converting Dr. Rebarcek's practice to a Chiropractic USA ("CUSA") location is the first step in the establishment of a scheduled 10 CUSA locations in the State per year over a 10 year period. The Agreement also names Dr. Rebarcek as the CUSA area representative.
The Franchise Agreement and the naming of Dr. Rebarcek as the area representative is a significant move for CUSA. Dr. Rebarcek is a well known Chiropractic Practice Manager, who has lectured and taught Chiropractors from across the country. In conjunction with Premier Medical Group, LLC and Virtual Medical Systems, Inc., the franchising and branding of CUSA Chiropractic clinics across the country is a significant part of the Banyan growth strategy. When successful, it will add approximately $25 million in royalty sales per year and an income of $1.5 million per year generated from those royalty sales.
Banyan CEO, Michael Gelmon, stated, "With the signing of this Area Development and Franchise Agreement with Dr. Rebarcek, Banyan will be able to expand CUSA operations throughout the State of Colorado. In addition, to Colorado CUSA will also be able to expand more rapidly in the bordering states of Arizona, Utah, New Mexico, Nebraska, Wyoming, Kansas and Oklahoma. Some of these states already have CUSA operations and area representation. Dr. Rebarcek will sit on the CUSA Advisory Committee for Training and Operations. Entering this relationship with Dr. Rebarcek significantly strengthens our organization."
About Banyan Corporation:
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements.
SOURCE: Banyan Corporation
For Banyan Corporation, Los Angeles
Investor Relations
Michael Gelmon, 800-808-0899
www.ChiropracticUSA.net
Copyright Business Wire 2006
