HERE IS THE PR! I think its great!!!!
American HealthChoice CEO Provides Company UpdateLast update: 9/20/2007 9:57:00 AMFLOWER MOUND, Texas, Sept 20, 2007 /PRNewswire-FirstCall via COMTEX/ -- American HealthChoice, Inc. (Pink Sheets: AMHI), a medical services company with medical clinics in Texas and Tennessee, provided an update to shareholders today from Dr. J. W. Stucki, Chairman and CEO. The year 2007 has been a year of positioning, growth and stabilization. We have paid all of trust fund IRS tax obligations and sold three of our less profitable clinics. While we still have issues to overcome, we are smaller, leaner and better positioned than twelve months ago. We are making money and are positioning ourselves for future growth and expansion. Operations: For the fiscal year beginning October 1, 2007, Company-owned clinics should bill approximately $5 million in gross annual services. This amount excludes services from the Katy clinic and two small clinics sold in March 2007. Combined with annual net realizable services of $400,000 from affiliated clinics, less operating expenses, clinic operations should contribute $800,000 in operating income to corporate expenses, interest expense and taxes. Over the last 12 months American HealthChoice has reduced corporate expenses to an annual spending amount of approximately $500,000. This should result in operating income on a consolidated basis of approximately $300,000 before income generated from the sale of OmniBody Scan cameras. The Company paid the IRS $300,000 in trust fund taxes in April 2007. Although this was the entire trust amount owed, the Company still owes a substantial amount in penalties and interest. We continue to remain current for all payroll taxes. We are pursuing an offer and compromise arrangement with the IRS to substantially reduce the amount of the claim and to have a payment plan in place by mid-October of 2007. Income from clinic operations will enable AMHI to meet current obligations in the foreseeable future. This may not be sufficient to resolve the IRS obligation or debt obligations to insiders. Due to these obligations, we have placed a commercial piece of real estate for sale. We should net approximately $300,000 and the proceeds will significantly help us with these obligations. Approximately two years ago, we identified new lines of business that were not capital intensive: telemedicine (Telmedco) and infrared imaging (OmniBody Scan) for the early detection of cancers and other diseases. Although we have been successful implementing telemedicine, and are currently using it, the income generated has not been in growing at an aggressive rate. As it becomes more accepted, and government regulations regarding this technology ease, this division is poised for expansion. With regards to the OmniBody Scan, we have a working product that is second to none in its class. It has passed the initial FDA lab tests and is close to final FDA approval. However, we have had ongoing delays with the manufacturer who has sought to have us purchase, and accept delivery of, systems prior to FDA approval. We have refused and have recently filed suit against the manufacturer. Our contact calls for delivery of systems to be marketed and sold exclusively to the medical industry. This clearly requires full and final FDA approval. It should be noted that, despite the lawsuit and delays, we are continuing the process of final and full FDA approval. It is our opinion that the manufacturer did not anticipate the extensive time and resource required for the FDA approval process. As a result, they now seek to recover unplanned investments by requiring American Health Choice to purchase systems before we are able to sell them. We are hopeful that these issues will be resolved shortly and, with the expected FDA approval, we will be able to commence sales into the medical market. Our sales and marketing efforts are also ongoing and the product has been introduced to potential resellers on both the Atlantic and Pacific coast. The reception has been extremely positive. Since the fiscal 2006 financial audit has not been completed, we have not filed the annual report on Form 10-KSB for the year ended September 30, 2006, and the interim Form 10-QSB for the three quarterly periods in fiscal 2007. Also, due to the delinquent SEC filings, Golden Gate Investors has filed suit in the amount of $400,000 against the Company, John Stuecheli and myself. We recently sent a request to the SEC for the Company to file a timely annual report on Form 10-KSB for the year ended September 30, 2007, in order to avoid filing an annual report for 2006. We believe we will receive a positive response to this request. We have been promised a response no later than September 25, 2007. If approved, this would result in a tremendous savings of time and money involving the audit. We would then file the Form 10-KSB by December 31, 2007, which should allow us to move back to the OTCBB and resolve the Golden Gate litigation. Also, if we are able to commence the audit, the Company would like to release interim un-audited results for 2007. In order for long-term value to accrue to all shareholders, we must grow the Company in the short term through the sale of OmniBody Scan units into the medical market place. In addition, we are continuing our search for innovative medical equipment solutions, or other businesses, that offer recurring revenue without a large investment in working capital. We have recently updated our web sites and will work more effectively in keeping the public informed. Growing the company, and increasing shareholder value, is my primary concern and goal.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2005 filed with the Securities and
AI
Market Data 
Markets 
