SOURCE: BioBalance Corporation

October 26, 2005 09:00 ET

BioBalance Corporation Announces Presentation at Rodman & Renshaw Healthcare Conference in New York

Also Announces Letter of Intent on Divestiture of Home Healthcare Business

NEW YORK, NY -- (MARKET WIRE) -- October 26, 2005 -- The BioBalance Corp. ("BioBalance"), a wholly owned subsidiary of New York Health Care, Inc. (the "Company") (OTC BB: BBAL), will present at the Rodman & Renshaw Techvest 7th Annual Healthcare Conference being held on November 7-9, 2005 at the New York Palace Hotel. Dennis M O'Donnell, President & CEO of the Company and its BioBalance subsidiary, will present at 3:10 PM on Wednesday, November 9, 2005.

The presentation will review highlights of BioBalance's development efforts on PROBACTRIX®, the Company's lead product for the treatment of pouchitis, Irritable Bowel Syndrome and other gastrointestinal (GI) disorders.

The Company also announced that it has executed a letter of intent on the divestiture of its home healthcare business, subject to a 30-day due diligence review and consummation of a definitive agreement. Pending a definitive agreement, the Company will seek shareholder approval in early 2006 to endorse the divestiture and change the corporate name from New York Health Care, Inc. to BioBalance Holdings Inc. to reflect the new focus.

About New York Health Care, Inc. and The BioBalance Corporation

BioBalance, a development stage specialty pharmaceutical company, is focused on the development of patented biotherapeutic agents for gastrointestinal disorders that are poorly addressed by current therapies via accelerated regulatory pathways. These disorders include pouchitis, Irritable Bowel Syndrome (IBS), inflammatory bowel disease and diarrhea caused by antibiotics, chemotherapy or AIDS.

On January 2, 2003, New York Health Care and BioBalance completed a business combination accounted for as a "reverse acquisition," in which BioBalance became a wholly owned subsidiary of the Company. The Company's common stock trades on the OTC Bulletin Board under the symbol BBAL. Additional information on BioBalance is located on the BioBalance website at www.thebiobalancecorp.com. Reports of the Company filed with the SEC are available on the SEC website at http://www/sec/gov.

SAFE HARBOR STATEMENT: In addition to historical information, certain of the statements in the preceding paragraphs, particularly those anticipating future events, financial performance, business prospects and growth and operating strategies constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope or similar expressions. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, satisfaction of regulatory and other approvals and conditions necessary to market PROBACTRIX®, the Company's ability to implement its strategies and achieve its objectives and the risks and uncertainties described in reports filed by the Company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation, the risk factors set forth and cautionary statements made in the Company's 2004 Annual Report on Form 10-K, as amended, its latest quarterly report on Form 10-Q and current reports on Form 8-K.

Consulting For Strategic Growth I, Ltd. ("CFSG") provides The BioBalance Corporation with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG receives a fixed monthly fee for the duration of the agreement. Independent of CFSG's receipt of cash compensation from BioBalance, CFSG may choose to purchase the common stock of New York Health Care, Inc. and thereafter sell those shares at any time it deems appropriate to do so.

Contact Information

  • CONTACTS:
    Dennis O'Donnell CEO
    New York Health Care, Inc.
    Tel: (212) 679-7778
    Fax: (212) 679-7774
    Email Contact

    Stanley Wunderlich CEO
    Consulting For Strategic Growth
    Tel: (800) 625-2236
    Fax: (212) 337-8089
    Email: Email Contact