SOURCE: The BioBalance Corp.

June 22, 2005 14:50 ET

New York Health Care Announces Annual Stockholders Meeting Date

NEW YORK, NY -- (MARKET WIRE) -- June 22, 2005 -- New York Health Care, Inc. (the "Company") and its wholly owned subsidiary, The BioBalance Corp. ("BioBalance"), (OTC: BBAL) announced today that it will hold its Annual Meeting of Stockholders on Tuesday, August 16th, 2005, at 10 a.m. local time. The meeting will be held at Hotel Pennsylvania, located at 401 Seventh Avenue in New York, across the street from Penn Station. The Board of Directors has fixed Monday, July 18th, 2005, as the record date for determining stockholders entitled to notice of, and to vote at, the Annual Meeting. Definitive proxy material is expected to be filed with the Securities and Exchange Commission on or about July 19th, 2005.

At this meeting, the Company plans to submit to shareholders nominees for election of directors and a proposal to approve the Company's 2004 Stock Incentive Plan.

About New York Health Care and The BioBalance Corporation

Acquired by New York Health Care in January 2003, BioBalance operates as a wholly owned subsidiary. The Company's common stock trades under the symbol BBAL.PK. BioBalance, a development stage specialty pharmaceutical firm, 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. Additional information is located on the BioBalance website at www.biobalancecorp.com.

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 New York Health Care's 2004 Annual Report on Form 10-K/A, 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 M. 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