SOURCE: ER Urgent Care Centers

October 24, 2006 17:38 ET

ER Urgent Care Centers Announces the Completion of Its First Quarter Financials

MIAMI, FL -- (MARKET WIRE) -- October 24, 2006 -- ER Urgent Care Center (PINKSHEETS: ERUG) is proud to announce the completion of its first quarter financial statements. Most significant is a 66% increase in revenues for the first quarter of 2006. "We are very proud of the results of the first quarter. The organization has started the year off on the right track and is headed in the proper direction for continued success," said Jerry Miller, Founder and Director.

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 Road
North Miami Beach, FL 33179

213 North Federal Highway
Hallandale Beach, FL 33009

15463 SW 137th Ave.
Kendal, FL 33177

4401 North Andrews Ave.
Oakland Park, FL 33309

18648 N.W. 67th Ave.
Miami Lakes, FL 33177

2812 West MLK Blvd.
Tampa, FL 33607

1601 Meadowlark Lane
Kansas City, KS 66102
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


                      ER URGENT CARE HOLDINGS, INC
                            BALANCE SHEET

                                                                March 31,
                                                                   2006
                                                               -----------

                                   ASSETS

Current assets:
  Cash and cash equivalents                                    $    58,654
  Accounts receivable, net                                         790,422
                                                               -----------

    Total current assets                                           849,076

Property and equipment, net                                        297,251

Deposits                                                            34,107
                                                               -----------

       TOTAL ASSETS                                            $ 1,180,434
                                                               ===========

          LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

Current Liabilities:
  Accounts payable and accrued liabilities                     $    76,534
  Legal settlements payable                                        345,129
  Loans from shareholders                                          168,937
                                                               -----------

  Total current liabilities                                        590,600

                                                               -----------


      TOTAL LIABILITIES                                            590,600
                                                               -----------


Commitments and contingencies

Shareholders' Equity (deficit):
  Common stock, 1,000,000,000 shares at $.0001 par value
   authorized, 80,351,978 shares issued and outstanding              8,035
  Additional paid in capital                                     4,982,657
  Accumulated deficit                                           (4,400,858)
                                                               -----------

      TOTAL SHAREHOLDERS' EQUITY (DEFICIT)                         589,834
                                                               -----------

  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)         $ 1,180,434
                                                               ===========


The accompanying notes are an intergal part of these financial statements



                      ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF OPERATIONS




                                           For The Three Months Ended
                                                    March  31,
                                         ---------------------------------
                                               2006             2005
                                         ---------------- ----------------

Revenues                                 $        447,347 $        149,176

General and administrative expenses               576,632          449,187
                                         ---------------- ----------------

Loss from operations                             (129,285)        (300,011)
                                         ---------------- ----------------


Other expense:                                        267              112
Interest expense                                      267              112
                                         ---------------- ----------------


Net loss before income taxes                     (129,552)        (300,123)

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

Net loss                                 $       (129,552) $      (300,123)
                                         ================ ================

Weighted average shares outstanding -
 basic and diluted                             78,546,029       57,225,515
                                         ================ ================

EARNINGS PER SHARE - basic and diluted   $          (0.00) $         (0.01)
                                         ================ ================


The accompanying notes are an intergal part of these financial statements


                      ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF CASH FLOWS


                                                    For The Three Months
                                                      Ended March 31,
                                                  -------------------------
                                                      2006         2005
                                                  ------------ ------------

Cash flows from operating activities:
    Net loss                                      $  (129,552) $  (300,123)
    Adjustments to reconcile net loss to net cash
    used in operating activities:
    Allowance for doubtful accounts                    115,000      150,010
    Depreciation expense                                29,974       24,857
    Changes in operating assets and liabilities:
         Accounts receivable                         (286,924)    (192,312)
        Accounts payable and Accrued Expenses         (84,599)     (39,672)
        Legal settlements payable                            -    (111,500)
                                                  ------------ ------------

  Net cash used in operating activities              (356,101)    (468,740)
                                                  ------------ ------------

Cash flows used in investing activities:
    Purchase of equipment                             (24,872)     (70,828)
                                                  ------------ ------------

        Net cash used in investing activities         (24,872)     (70,828)
                                                  ------------ ------------

Cash flow from financing activities:
    Payment on shareholder loan                       (60,138)      165,880
    Net issuance of common stock
      including capital acquisition costs              488,225      415,944
                                                  ------------ ------------

        Net cash provided by financing activities      428,087      581,824
                                                  ------------ ------------

Net increase in cash                                    47,114      581,824

Cash - Beginning of year                                11,540     (13,416)
                                                  ------------ ------------
Cash - End of year                                $     58,654 $     28,840
                                                  ============ ============

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest                            $        267 $        112
                                                  ============ ============
Cash paid for taxes                               $          - $          -
                                                  ============ ============


The accompanying notes are an intergal part of these financial statements

Contact Information

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