Orion Healthcorp (AMEX:ONH)
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Orion HealthCorp, Inc. (AMEX: ONH) today announced that
it, together with three of its shareholders, one of its directors and
a former officer, who were also defendants, had entered into a
settlement agreement (the "Agreement") regarding a previously
disclosed lawsuit, Cause No. 2005-44326, which was filed in the 80th
Judicial District Court of Harris County, Texas, on July 12, 2005, by
American International Industries, Inc. By entering into the
Agreement, neither Orion HealthCorp nor the other parties admitted
guilt or wrongdoing of any kind. Under the terms of the Agreement,
American International Industries, Inc. will receive $750,000, paid
primarily by various insurance carriers. As a part of the Agreement,
the parties agreed to mutual releases from all claims. The plaintiffs
had been seeking $7.6 million in damages and other relief.
Terrence L. Bauer, chief executive officer of Orion HealthCorp,
said, "We are pleased to have reached an agreement that we believe is
in the best interest of our company and its shareholders, especially
since the litigation was originally filed against SurgiCare, a
predecessor company to Orion. While the portion of the consideration
to be paid by Orion HealthCorp's insurance company is expected to have
little or no impact on the Company's operations, the signing of this
agreement eliminates the distractions that come with any litigation
and allows all parties involved to get back to focusing on adding
value to their respective businesses."
Orion HealthCorp, Inc. provides complementary business services to
physicians through two wholly owned subsidiaries: Integrated Physician
Solutions, Inc., providing business and management services to
physician practices; and Medical Billing Services, Inc., providing
physician billing and collection services and practice management
solutions to hospital-based physicians. The core competency of the
Company is its long-term experience and success in working with and
creating value for physicians. For more information on Orion
HealthCorp, Inc., visit the Company's website at
www.orionhealthcorp.com.
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Securities Act
of 1933, as amended, and the Securities Exchange Act of 1934, as
amended (the "Acts"). Any statements contained herein that are not
statements of historical fact are deemed to be forward-looking
statements, including all statements regarding improving financial
metrics and future growth.
The forward-looking statements in this press release are based on
current beliefs, estimates and assumptions concerning the operations,
future results, and prospects of Orion HealthCorp, Inc. and the other
companies described herein. As actual operations and results may
materially differ from those assumed in forward-looking statements,
there is no assurance that forward-looking statements will prove to be
accurate. Forward-looking statements are subject to the safe harbors
created in the Acts. Any number of factors could affect future
operations and results, including without limitation, changes in
federal or state healthcare laws and regulations and third party payer
requirements, changes in costs of supplies, the loss of major
customers, labor and employee benefits, an inability to obtain a
forbearance on the Company's revolving lines of credit as a result of
the Company's default of its financial covenants, increases in
interest rates on the Company's indebtedness as well as general market
conditions, competition and pricing, and the Company's ability to
successfully implement its business strategies, including the impact
and expense of any potential acquisitions and the ability to obtain
necessary approvals and financing. Orion HealthCorp, Inc. undertakes
no obligation to update publicly any forward-looking statements,
whether as a result of new information or future events.