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IBXG (OTCBB) iBX Group Raises Revenue And Earnings Guidance Nearly 70% For 2003

TUESDAY , JANUARY 21, 2003 07:32 AM

DEERFIELD BEACH, Fla., Jan 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- With the pending rollout of 10 company-owned physical therapy centers and the acquisition of a major legal services organization specializing in HIPAA and OIG compliance, iBX Group, Inc. (OTC Bulletin Board: IBXG), a publicly-held Florida corporation, announced today it has increased its earnings and revenues guidance for 2003 by more than 50 percent from $6.5 million to $11 million.

In December, iBX Group announced it expected to double year-end revenue from $3.2 million to $6.5 million in 2003 with earnings doubling from just over $300,000 to $700,000 and annualized income from operations doubling from .01 to .02 EPS. However, two developments in the first two weeks of the year will have a significant impact on projected revenue, and the projections could increase dramatically in the weeks ahead if several pending transactions are finalized, according to company president and CEO Evan R. Brovenick.

iBX recently acquired the assets of MediCompliant Solutions, a Florida- based healthcare legal services organization specializing in HIPAA and OIG compliance, becoming one of the first U.S. companies to offer a comprehensive cost effective web-based legal solution for today's challenging compliance issues. First year sales at MediCompliant are estimated at $1.5 million, based on new pending accounts combined with existing clients already under contract.

On Tuesday, iBX's Florida HealthSource subsidiary announced it will open at least 10 new physical therapy and occupational medicine clinics throughout Florida in 2003 as the first major step in the expansion of the company's Physical Therapy and Occupational Medicine Division. The new clinics are expected to generate an estimated $3 million in new revenue during 2003, according to Florida HealthSource management. The additional revenue from this subsidiary alone is expected to result in an increase in earnings up to 1.5 cents per share.

"We came into the new year with several pending transactions and, in less than a month, we have had two more significant developments for the company. These two transactions alone will not only dramatically increase our top line revenue, but earnings per share as well," said Brovenick. "If this is any indication of the demand for our services, this will be a banner a year for iBX.

"More transactions are on the horizon for iBX. As they come to fruition, we will increase the revenue and earnings guidance accordingly," said Brovenick. He added there are several pending developments in the areas of Healthcare Transaction Management and Transcription, Dictation and Document Management as well as Physical Therapy and Compliance.

Based in Deerfield Beach, Florida, iBX Group Inc. (http://www.ibxg.com) develops and deploys innovative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of three divisions -- Healthcare Transaction Management, Physical Therapy and Rehabilitation, and Technology and Information Services. By creating and utilizing the latest technologies, Internet-based communications and hands-on expertise, iBX strives to meet the needs of hospitals, single and multi-specialty physician group practices and healthcare service organizations seeking to achieve the maximum financial benefit of their accounts receivables by controlling workflow, consolidating administrative functions and addressing compliance issues.

Media Relations Contact: Andrew M. Rose, 954-428-2678 or [e-mail]

This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission.

SOURCE iBX Group, Inc.



CONTACT: Andrew M. Rose, iBX Group, Inc., [phone] or
[e-mail]
(IBXG)

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