SOURCE: ER Urgent Care Centers

November 16, 2006 16:00 ET

ER Urgent Care Centers Releases Third Quarter Financials

MIAMI, FL -- (MARKET WIRE) -- November 16, 2006 -- ER Urgent Care Centers (PINKSHEETS: ERUG) is proud to announce the release of its third quarter financials. These financials show the progress this company is making towards growth and a profitable future. "Assets have doubled from $553,403 in 2005 to $2,336,521 in 2006, revenues have doubled from $694,751 in 2005 to $1,454,823 in 2006 and liabilities are down from $730,351 in 2005 to $399,427 in 2006, almost half," said Jerry Miller Founder and Director. "Our steady growth in recent months sends out a clear message as to the direction that this company is taking. We appreciate the support of our shareholders and we hope for a Happy Thanksgiving to all."



                                               September 30, September 30,
                                                    2006          2005
                                                ------------- -------------

                                   ASSETS

Current assets:
  Cash and cash equivalents                     $     693,484             -
  Accounts receivable, net                          1,287,000        95,784
                                                ------------- -------------

   Total current assets                             1,980,484        95,784

Property and equipment, net                           313,930       448,512

Deposits                                               42,107         9,107
                                                ------------- -------------

   TOTAL ASSETS                                 $   2,336,521 $     553,403
                                                ============= =============



                   LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)


Current Liabilities:
   Bank Overdraft                                           -        5,896
   Accounts payable and accrued liabilities       $   122,071      115,587
   Legal settlements payable                          225,129      370,828
   Loans from shareholders                             52,227      238,040
                                                  -----------  -----------

   Total current liabilities                          399,427      730,351

                                                  -----------  -----------

     TOTAL LIABILITIES                                399,427      730,351


Shareholders' Equity (deficiency):
  Common stock, 1,000,000,000 shares at $.0001
   par value authorized, 91,770,128 shares issued
   and outstanding                                      9,177        5,725
  Additional paid in capital                        7,050,666    4,305,203
  Accumulated deficit                              (5,122,749)  (4,487,876)
                                                  -----------  -----------

      TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)       1,937,094     (176,948)
                                                  -----------  -----------

 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  (DEFICIENCY)                                    $ 2,336,521  $   553,403
                                                  ===========  ===========



                      ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF OPERATIONS


                                                    For The Nine Months
                                                    Ended September 30,
                                                  ------------------------
                                                      2006         2005
                                                  -----------  -----------

Revenues                                          $ 1,454,823      694,751

General and administrative expenses                 2,305,601    1,476,738
                                                  -----------  -----------

Loss from operations                                 (850,778)    (781,987)
                                                  -----------  -----------


Other expense:
Interest expense                                          665          490
Legal settlement expense                                    -            0
                                                  -----------  -----------
                                                          665          490

Net loss before income taxes                         (851,443)    (782,477)

Provision (benefit) for income taxes                        -            -
                                                  -----------  -----------

Net loss                                          $  (851,443) $  (782,477)
                                                  ===========  ===========



                      ER URGENT CARE HOLDINGS, INC.

        STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)




                    Common Stock
                    1,000,000,000
                  shares authorized
                  ------------------
                            Par Value Additional
                    Shares   $.00001   Paid-in    Accumulated
                    Issued  per share  Capital      Deficit       Total
                  ---------- ------- -----------  ------------  ----------

BALANCE -
 DECEMBER 31,
 2003                994,480 $   100 $ 3,180,998  $ (3,183,424) $   (2,326)

  Issuance of
   common stock   56,260,735   5,625     382,419             -     388,044

  Less:  capital
   acquisition
   costs                                (144,612)                 (144,612)

  Net loss                 -       -           -      (521,975)   (521,975)
                  ---------- ------- -----------  ------------  ----------

BALANCE -
 DECEMBER 31,
 2004             57,255,215 $ 5,725 $ 3,418,805  $ (3,705,399) $ (280,869)

  Net issuance of
   common stock   20,387,835   2,039   1,239,325                 1,241,364

  Less:  capital
   acquisition
   costs                                (163,428)                 (163,428)

  Net Loss                 -       -           -      (565,905)   (565,905)
                  ---------- ------- -----------  ------------  ----------

BALANCE -
 DECEMBER 31,
 2005             77,643,050 $ 7,764 $ 4,494,702  $ (4,271,304) $  231,162
                  ========== ======= ===========  ============  ==========




                      ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF CASH FLOWS


                                                      For The Nine Months
                                                      Ended September 30,
                                                    ----------------------
                                                       2006        2005
                                                    ----------  ----------

Cash flows from operating activities:
Net loss                                            $ (851,443) $ (782,477)
Adjustments to reconcile net loss to net cash
used in operating activities:
Allowance for doubtful accounts                        445,000     437,972
Depreciation expense                                    99,828      83,539
Changes in operating assets and liabilities:
   Accounts receivable                              (1,113,502)   (244,917)
   Accounts payable and Accrued Expenses               (39,062)    (94,399)
   Legal settlements payable                          (120,000)   (143,860)
                                                    ----------  ----------

   Net cash used in operating activities            (1,579,179)   (744,142)
                                                    ----------  ----------

Cash flows used in investing activities:
Deposit Paid-Ft Myers Practice                      $   (8,000)
Purchase of equipment                                 (111,405)   (205,785)
                                                    ----------  ----------

   Net cash used in investing activities              (119,405)   (205,785)
                                                    ----------  ----------

Cash flow from financing activities:
Payments (on)from shareholder loan                    (176,849)     71,049
Net issuance of common stock
 including capital acquisition costs                 2,557,377     886,398
                                                    ----------  ----------

   Net cash provided by financing activities         2,380,528     957,447
                                                    ----------  ----------

Net increase in cash                                   681,944       7,520

Cash - Beginning of year                                11,540     (13,416)
                                                    ----------  ----------
Cash - End of year                                  $  693,484  $   (5,896)
                                                    ==========  ==========

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest                              $      665  $      490
                                                    ==========  ==========
Cash paid for taxes                                 $        -  $        -
                                                    ==========  ==========


About ER Urgent Care

ERUC Management Company Inc. operates ER Urgent Care Centers in the South Florida area. The "true, bona-fide," "Urgent Care Center" is a one-stop-shop where patients can receive premier health care, after-hours, at a fraction of the cost of emergency room visits. With the "Urgent Care Center" model, emergency rooms will no longer lose money on ER patients with minor injuries and illnesses and the HMOs will no longer have to pay exorbitant claims for non-admitted patients. ER Urgent Care Centers create a win-win situation for everyone, filling the financial and service gap between primary care physicians (PCPs) and hospital emergency rooms.

For more information visit our Web site at www.erucc.net or sign up for the corporate newsletter at http://www.erucc.net.

Or visit our locations at:

700 Ives Dairy Rd.                             1601 Meadowlark Lane
North Miami Beach, Fl. 33179                   Kansas City, Ks. 66102

213 North Federal Highway                      7208 Sterling Ave
Hallandale Beach, Fl. 33009                    Tampa, Fl. 33614

15463 SW 137th Ave.                            Family Practice
Kendal, Fl. 33177                              5535 Memorial Highway
                                               Tampa, Fl. 33634

4401 North Andrews Avenue                      Family Practice
Oakland Park, Fl 33309                         431 S.W. Blvd. N
                                               St. Pete., Fl. 33703

                                               Coming Soon Miami Beach, Fl.
18648 N.W.67th Ave.
Miami Lakes, FL 33177
ER Urgent Care Center is a provider for Amerigroup, Avmed, Humana, Aetna, Medicaid/Medipass/Medi-Kids, Total Health Choice, United Health Care, Beech Street, Dimension Health, Assist Card, Cigna, Corvel, Health Insurance Plans and many more.

This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.

For franchising and corporate information please contact us toll free at 1-877-303-3500.

Contact Information

  • Contact Information:
    ER Urgent Care Centers
    1-877-303-3500