HOUSTON, July 11, 2012 /PRNewswire/ -- Spine Pain Management, Inc. (OTC QB:SPIN), a medical services and technology company, today announced that it has opened affiliate diagnostic centers in Brandon, Florida and Lakeland, Florida, thereby increasing its geographic reach across Central Florida. In addition to its two flagship locations in Texas, Spine Pain Management now has six Florida-based diagnostic centers (Tampa, Orlando, Jacksonville, Sarasota, Brandon and Lakeland), providing service to a population base of approximately 8 million people or 40 percent of the State population of Florida. Spine Pain Management's two new affiliate centers have initial referral sources in place to start seeing patients immediately.
Brandon, Florida, located just east of Tampa in Hillsborough County with a total population of over 100,000, is one of the fastest growing cities in Florida witnessing a 32% population growth over the last 10 years. Lakeland, Florida, located between Brandon and Orlando in Polk County, has a population draw of approximately 585,000. Each affiliate diagnostic center is responsible for its facility and operating costs. Spine Pain Management provides prefunding of spine diagnostic injections as well as supplying the affiliate centers with access to the Quad Video Halo System™, a first-to-market, proprietary technology that generates much needed transparency of indisputable data that promotes faster time to case settlement. The company estimates that each diagnostic center has the current capacity to treat 50 cases per month once at full operation. Historically, new centers achieve approximately 25% of operating capacity within the first 6 months of operation and 50% within 12 months, reaching full capacity within the second year of operation.
"These two additional affiliated diagnostic centers increase our foothold in addressing the Central Florida market. It is through demand and numerous referral sources that our company was drawn into addressing the opportunity in this large region. As significant demand emerges from contiguous geographic areas, we plan to open additional diagnostic centers in strategic locations that maximize our patient reach," commented Dr. William Donovan, Spine Pain Management's President and CEO. "Our Texas operations have been cash flow positive for over a year and have supported our 2011 expansion into Florida with four affiliate centers. Now, with the proceeds from the $500,000 non-brokered private placement announced on June 29, 2012, not only do we have the funding for these two new locations, but we also have sufficient cash on hand to accelerate the Company's footprint in Florida and are already investigating several additional location possibilities outside of Florida and Texas. Our unique business model has been successfully put to the test over the past four years. We believe our Florida accounts receivable are entering into a maturation phase and anticipate increased collections during third quarter 2012 with acceleration into the fourth quarter."
Yvonne L. Zappulla
Grannus Financial Advisors, Inc.
Chief Financial Officer
Spine Pain Management, Inc.
About Spine Pain Management, Inc:
Spine Pain Management is a medical services and technology company facilitating diagnostic services for patients who have sustained spine injuries resulting from traumatic accidents. The company delivers turnkey solutions to spine surgeons, orthopedic surgeons and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. The company's care management services help reduce the financial burden on healthcare providers that provide patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily delayed or inhibited from obtaining needed treatment. Spine Pain Management believes that its services and technology brings strong transparency and impartiality to all parties involved in the settlement of patient cases.
Additional information about the company, along with a video can be found at its website at www.spinepaininc.com.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control. The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings with the SEC.
SOURCE Spine Pain Management, Inc.