SOURCE: ER Urgent Care Centers

September 11, 2006 16:30 ET

ER Urgent Care Centers Announces the Release of Its 2005 Financials

MIAMI, FL -- (MARKET WIRE) -- September 11, 2006 -- ER Urgent Care Centers (PINKSHEETS: ERUG) is pleased to announce the release of its 2005 financial statement. With significant increases in such categories as revenues, shareholder equity, assets and a decline in liabilities, ER Urgent Care Centers has once again demonstrated its strength. Jerry Miller, Founder and Director, said, "We are very proud of the strides this organization has taken, more than doubling its revenues as well as doubling its assets. 2006 will be even more impressive with the opening of a significant number of clinics."


                       ER URGENT CARE HOLDINGS, INC.
                              BALANCE SHEETS

                                                  December 31, December 31,
                                                      2005         2004
                                                  -----------  -----------
                            ASSETS

Current assets:
  Cash and cash equivalents                       $    17,362  $         -
  Accounts receivable, net                            618,498      288,839
                                                  -----------  -----------

   Total current assets                               635,860      288,839

Property and equipment, net                           368,656      217,144

Tampa Practice                                         25,000            -
Deposits                                                9,107        9,107
                                                  -----------  -----------

      TOTAL ASSETS                                $ 1,038,623  $   515,090
                                                  ===========  ===========


   LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)

Current Liabilities:
  Cash overdraft                                  $         -  $    13,416
  Accounts payable and
   accrued liabilities                                146,133      209,986
  Legal settlements payable                           345,129      514,688
  Loans from shareholders                             229,076       57,869
                                                  -----------  -----------

  Total current liabilities                           720,338      795,959
                                                  -----------  -----------

      TOTAL LIABILITIES                               720,338      795,959

Shareholders' Equity (deficiency):
  Common stock, 1,000,000,000 shares at $.0001
   par value authorized, 77,643,050 shares
   issued and outstanding                               7,764        5,725
  Additional paid-in capital                        4,528,702    3,418,805
  Accumulated deficit                              (4,218,181)  (3,705,399)
                                                  -----------  -----------

      TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)         318,285     (280,869)
                                                  -----------  -----------

 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  (DEFICIENCY)                                    $ 1,038,623  $   515,090
                                                  ===========  ===========


                       ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF OPERATIONS


                                                  Year ended December 31,
                                                  ------------------------
                                                      2005         2004
                                                  -----------  -----------

Revenues                                          $ 1,404,229      630,089

General and administrative expenses                 1,916,282    1,135,028
                                                  -----------  -----------

Loss from operations                                 (512,053)    (504,939)
                                                  -----------  -----------

Other expense:
Interest expense                                          729        6,836
Legal settlement expense                                    -       10,200
                                                  -----------  -----------


Net loss before income taxes                         (512,782)    (521,975)

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

Net loss                                          $  (512,782) $  (521,975)
                                                  ===========  ===========


EARNINGS PER SHARE - basic and diluted            $     (0.01) $     (0.03)
                                                  ===========  ===========

Weighted average shares outstanding -
 basic and diluted                                 66,454,652   19,830,932
                                                  ===========  ===========


                         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)

  Reduction of
   paid-in
   capital due
   to settlement
   agreement                                                             -

  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                                 (129,428)                (129,428)

  Net Loss                -        -            -     (512,782)   (512,782)
                 ---------- --------  -----------  -----------   ---------

BALANCE -
 DECEMBER 31,
 2005            77,643,050  $ 7,764  $ 4,528,702  $(4,218,181)  $ 318,285
                 ========== ========  ===========  ===========   =========


                      ER URGENT CARE HOLDINGS, INC.
                         STATEMENTS OF CASH FLOWS


                                                   Year Ended December 31,
                                                    ----------------------
                                                       2005        2004
                                                    ----------  ----------

Cash Flows from Operating Activities
Net loss                                            $ (512,782) $ (521,975)
Adjustments to reconcile net loss to net cash
 used in operating activities:
Allowance for doubtful accounts                        393,259      31,042
Depreciation expense                                   118,177     106,826
Changes in operating assets and liabilities:
   Accounts receivable                                (722,918)   (111,607)
   Deposits and other assets                                 -      (7,007)
   Accounts payable                                   (152,052)     91,935
   Accrued liabilities                                  88,199           -
   Legal settlements payable                          (169,559)     10,200
                                                    ----------  ----------

   Net cash used in operating activities              (957,676)   (400,586)
                                                    ----------  ----------

Cash Flows from Investing Activities
Acquire Tampa Practice                              $  (25,000)
Purchase of Equipment                                 (269,689)    (54,545)
                                                    ----------  ----------

   Net cash used in investing activities              (294,689)    (54,545)
                                                    ----------  ----------

Cash Flows from Financing Activities
Proceeds from shareholder loan                         171,207      26,619
Net issuance of common stock
 including capital acquisition costs                 1,111,936     243,432
                                                    ----------  ----------

   Net cash provided by financing activities         1,283,143     270,051
                                                    ----------  ----------

Change in Cash                                          30,778    (185,080)
Cash - Beginning of year                               (13,416)    171,664
                                                    ----------  ----------
Cash - End of year                                  $   17,362  $  (13,416)
                                                    ==========  ==========

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest                              $    6,836  $   85,239
                                                    ==========  ==========
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                         2812 West MLK Blvd.
Hallandale Beach, Fl. 33009                       Tampa, Fl. 33607

15463 SW 137th Ave.                               Coming Soon:
Kendal, Fl. 33177
                                                  Miami Beach, Florida
4401 North Andrews Avenue                         Fort Myers, Florida
Oakland Park, Fl. 33309                           Deland, Florida

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 Steet, 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