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WILMINGTON, Del., March 11 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc. (OTC Bulletin Board: UCMT), a Wilmington, Delaware business development company that provides management and strategic growth resources to emerging growth companies is pleased to announce that one of its holdings, iVolution Medical Systems, Inc., recently acquired Professional Healthcare Billing Services (PHB) located in Palm Springs, California.
The acquisition supports iVolution's consolidation strategy of buying already established cash-flow generating medical billing companies that will be immediately accretive to earnings. The terms of the completed transaction included cash and seller-financed debt.
PHB is an industry leader with a staff of highly trained medical billing specialists. The purchase will allow iVolution to offer clients enhanced expertise in medical billing and ease the transition to mandated electronic medical record keeping.
"We believe this is a great opportunity for PHB and its strong customer base of physicians," says Andrew Grimalda, President of PHB. "Together with iVolution we will bring the next generation of technology to the medical forefront and provide enhanced, secure and efficient solutions to our health care providers."
"We are extremely pleased to have completed this acquisition," says Craig Cohen, Co-Chairman and CEO of iVolution. "Aside from the benefits we can offer to our new clients, PHB's location on the West Coast supports our plans to expand iVolution's presence nationwide."
According to Michael Queen, CEO of Universal Capital Management, "iVolution Medical Systems remains one of our strongest holdings. The Company has an excellent business model, management team and in 2009 its revenue will continue to scale."
Pursuant to its business plan as a Business Development Company, Universal intends to dividend shares of iVolution to Universal shareholders subsequent to the effectiveness of iVolution's S-1 registration statement that iVolution expects to file with the Securities and Exchange Commission later this year.
About Universal Capital Management, Inc.:
Universal Capital Management, Inc., is a publicly traded Business Development Company created under the Investment Act of 1940. Its purpose is to assist its portfolio companies with funding and management to facilitate growth and increase their value. Please refer to the company's website at http://www.unicapman.com.
Forward-looking Statements:
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Universal Capital Management, Inc., or iVolution "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UCM's or iVolution's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UCM or iVolution as appropriate, and the valuation of UCM's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UCM and iVolution believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UCM and iVolution do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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