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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WellQuest Medical and Wellness Corp (CE) | USOTC:WEQL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
As reported in the Company's 2010 annual filing, the Company's reduction in SEC related expenses beginning in the second quarter of 2010, along with reduction in interest and other operating expenses, allowed the Company to achieve positive consolidated net income of $62,372 in the 3rd and 4th quarters of 2010. This reduced the company's annual consolidated loss to $(81,069) for the fiscal year ended December 31, 2010, a 76% reduction from a consolidated loss of $(262,797) in 2009.
"The continued success of our Bentonville facility substantiates our goal to grow the WellQuest brand by replicating our model across the country. Our flagship location has been increasingly profitable for the past three years. This reflects our client's positive response to our customer focused concept: an upscale environment where clients receive excellent and convenient medical care integrated with wellness and preventative services, and advanced skin care and aesthetic services. This integration results in a comfortable and trusted location to meet a family's primary healthcare needs. Our approach to healthcare goes beyond just treating sickness, and we are finding more corporations who want this for their employees. Disease prevention, weight-loss, nutritional supplements and aesthetics address the broader spectrum of health concerns for more of today's families and health conscious businesses," stated WellQuest President Steve Swift.
WellQuest seeks to lead its customers in their personal "Quest for Wellness." The Company's aim is to make a positive difference in the health and lives of its staff, its clients and its community. In 2010, the Bentonville site had 39,705 total client visits with 80% of the visits from repeat customers and 20% of all visits being new clients.
WellQuest intends to replicate its positive integrative medical experience by opening branded WellQuest facilities in other metropolitan areas of the U.S. The Company believes families and businesses are seeking options in the U.S. where annual sick care costs exceed $2.5 trillion, approaching 17% of GDP, and yet our nation ranks below many other nations in health status. WellQuest is a relevant option toward treatment, prevention and wellness. The Company's business is aimed at the evolving healthcare market which includes a $500 billion physician services sector, an $86 billion nutraceutical sector, a $12 billion cosmeceutical sector, and a $12.8 billion spa/medical spa sector. These sectors have traditionally been segregated in their delivery of services and products. WellQuest brings them together in a way that meaningfully serves its customers.
About WellQuest Medical & Wellness Corporation WellQuest offers its innovative concept in healthcare delivery by integrating conventional and complementary physician medicine with wellness, and aesthetic services in one center, creating an effective environment for the pursuit and maintenance of a healthy life. WellQuest's unique model for healthcare helps customers get well, stay well, and look well. Currently operating in Bentonville, Arkansas, WellQuest seeks to open additional locations in the U.S.
Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its products and services in new markets and to offer healthcare services at competitive pricing, anticipated revenue from client visits; general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. These statements include, without limitation, statements regarding our ability to prepare the Company for growth; the Company's planned expansions, and predictions and guidance relating to the Company's future financial performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
WELLQUEST MEDICAL & WELLNESS CORPORATION Consolidated Balance Sheets December 31, 2010 and 2009 2010 2009 ------------- ------------- Assets Current assets: Cash $ 11,411 $ 49,700 Accounts receivable, less allowances of $251,084 and $245,388 at December 31, 2010 and 2009, respectively 181,018 294,246 Other current assets 58,634 70,777 ------------- ------------- Total current assets 251,063 414,723 Property and equipment, net 193,870 279,967 Deferred financing costs, net of accumulated amortization of $64,808 and $27,775 at December 31, 2010 and 2009, respectively 46,292 83,325 ------------- ------------- $ 491,225 $ 778,015 ============= ============= Liabilities and Stockholders' Deficit Current liabilities: Line of credit $ 110,000 $ 167,500 Accounts payable 86,715 309,778 Accrued liabilities 234,152 155,783 Due to physicians and related parties 677,104 598,230 Note payable to related party 40,000 40,000 Current maturities of long-term debt 305,883 408,920 Current obligations under capital leases 33,165 28,155 Current maturities of subordinated debentures payable to stockholders 491,497 493,497 ------------- ------------- Total current liabilities 1,978,516 2,201,863 Long-term obligations under capital leases, less current portion 57,327 90,492 Subordinated debentures payable to stockholders, less current maturities 443,123 443,123 ------------- ------------- Total liabilities 2,478,966 2,735,478 ------------- ------------- Stockholders' deficit: Preferred stock - $.01 par value; authorized 2,500,000 shares; 75,000 shares designated as Series A convertible preferred stock; 25,515 shares issued and outstanding at December 31, 2010 and 2009 255 255 Common stock - $.001 par value; authorized 150,000,000 shares; 29,335,167 and 29,272,667 shares issued and outstanding at December 31, 2010 and 2009, respectively 29,335 29,273 Additional paid-in capital 1,561,012 1,510,283 Warrants 177,000 177,000 Accumulated deficit (3,755,343) (3,674,274) ------------- ------------- Total stockholders' deficit (1,987,741) (1,957,463) ------------- ------------- Total liabilities and stockholders' deficit $ 491,225 $ 778,015 ============= ============= WELLQUEST MEDICAL & WELLNESS CORPORATION Consolidated Statements of Operations Years ended December 31, 2010 and 2009 2010 2009 ------------- ------------- Net revenues $ 3,673,604 $ 3,823,994 Operating expenses: Salaries, wages and benefits 1,257,840 1,247,574 Rents and facility expenses 275,364 287,131 Clinic direct expenses, excluding salaries, wages and benefits 1,404,626 1,527,040 Spa direct expenses, excluding salaries, wages and benefits 282,420 295,639 General corporate expenses 246,161 389,646 Depreciation and amortization 97,754 115,625 ------------- ------------- Total operating expenses 3,564,165 3,862,655 ------------- ------------- Operating income (loss) 109,439 (38,661) Interest expense (190,508) (224,136) ------------- ------------- Net loss $ (81,069) $ (262,797) ============= ============= Loss per common share: Basic and diluted $ (0.003) $ (0.010) ============= ============= Weighted average number of common shares and dilutive common share equivalents outstanding: Basic and diluted 29,330,201 26,867,425 ============= =============
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Investor and Media Contact: Steve Swift President 918-361-4192 Email Contact
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