Los Angeles, CA (PRWEB) March 29, 2006
Banyan Corporation (OTC BB:BANY.OB - News) is pleased to announce record revenues for the month ended February, 2006. Consolidated revenues from Banyan subsidiary companies, Chiropractic USA, Diagnostic USA, plus the recently acquired Premier Medical Group LLC, were approximately $438,171.80 (unaudited) vs. $26,774.24 for the same month last year, an increase of over $400,000 over February, 2005. This substantial jump in revenues was driven principally through the addition of revenues from our newest addition to Banyan - Premier Medical group, effective February 10, 2006 as well as a significant increase in Chiropractic USA royalty income.
Premier has been operating since 1993 and is one of the largest electro-diagnostic testing companies in the country. Premier, which operates in 30 states and has tested for over 3500 physicians, has a history of significant profitability.
Commenting on the February revenue numbers, Banyan CEO Michael Gelmon said, "We are pleased to see the immediate impact on our top line revenues from our recent acquisition of Premier Medical Group, in addition to the continued improvement in our other subsidiaries, Chiropractic USA and Diagnostic USA. We have big plans for Premier on a go-forward basis and expect significant further revenue growth. Based on current projections, we expect Banyan to be profitable by the 2nd Quarter of this year.”
For more information on Chiropractic USA and Diagnostic USA, contact Banyan Corporation Investor Relations toll-free at (800) 808-0899 or visit http://www.chiropracticUSA.net.
About Banyan Corporation
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded chiropractic clinics throughout North America by way of franchising chiropractic clinics under its marks and uniform operating systems and practices. The company's other subsidiaries; Premier Medical Group LLC, and Diagnostic USA, Inc. provide diagnostic testing to physicians nationwide.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors. For a description of additional risks and uncertainties, please refer to Banyan's filings with the Securities and Exchange Commission.
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