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WILMINGTON, Del., May 13 /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 Continental Collection Services (CCS), a medical collection service company located in New York City, New York.
The acquisition supports iVolution's consolidation strategy of buying already established cash flow -generating medical billing and collection companies that will be immediately accretive to earnings. The terms of the completed transaction included cash and seller-financed debt.
The CCS acquisition allows iVolution to offer its clients collection experience in the medical field. "This involvement in the debt collection industry makes us uniquely qualified to assist our physicians in overcoming their bad debt," says Vince Pipia, Co-Chairman and CFO of iVolution. "Unlike most other healthcare technology and billing companies, we are executing our mission of becoming a full service provider - a 'one-stop shop' - that now offers a fully integrated electronic medical record, medical billing and now medical collection solution for physicians," said Pipia.
According to Michael Queen, CEO of Universal Capital Management, "iVolution Medical Systems has the management team and business model to ultimately rival any major player in their sector. The Company has a number of initiatives in their pipeline that, if brought to fruition, could revolutionize the healthcare industry." Queen adds, "We remain very excited about their future and continued execution."
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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