SOURCE: Banyan Corporation

August 28, 2006 09:30 ET

Banyan Corporation Has Record Quarter/YTD

LOS ANGELES, CA -- (MARKET WIRE) -- August 28, 2006 -- Banyan Corporation (OTCBB: BANY) is pleased to announce record second quarter results, as well as record year to date results as filed in the 10-QSB last week. With assets at June 30th, 2006 over $6.3 million, and stockholders' equity improving, the company's growth and development plan is proceeding on schedule.

Banyan's operating subsidiaries, Chiropractic USA, Inc. and Premier Medical Group, Inc., have each posted operating profits year to date. Revenues continue to grow to the record level of $2,659,310 for the six months ending June 30th, 2006, up from revenues of $442,093 for the same period in 2005.

Banyan CEO Michael Gelmon stated: "The acquisition of Premier in February has certainly strengthened the company as it is performing right on target with strong revenues and profitability. Chiropractic USA is showing huge potential, and we are about to roll out a new development program that should increase the number of Chiropractic USA clinics under various new initiatives that we have been working on for some time. Not only should these new initiatives significantly increase our clinic count, our franchise revenues should also increase as some of these programs come on line."

Noting strong performance indicators from the recently acquired Premier Medical Group, Inc. subsidiary, Banyan COO, Marshall Wilmot, added: "Premier has certainly been a strong component of the company and will continue to improve through the end of the year. As Premier has commenced the sale of its new VT3000 Nerve Conduction Velocity testing machines to doctors nationwide, and testing revenues are now online, a new source of revenue has been created which supplements the strong existing business. This, coupled with the new growth strategies being implemented in Chiropractic USA, give us great momentum for a strong second half of the year."

For more information on Chiropractic USA, Diagnostic USA, and Premier Medical Group contact Banyan Corporation Investor Relations toll-free at (800) 808-0899 or visit or

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 chiropractic clinics under its marks and uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Diagnostic USA, Inc., provide diagnostic testing to physicians nationwide.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors. For a description of additional risks and uncertainties, please refer to Banyan's filings with the Securities and Exchange Commission.

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