iBX Group Shifts Florida HealthSource Management to Experienced Team in Time for Opening of Flagship Physical Therapy Clinic

Business Wire, Sept 19, 2003

Business Editors/Health/Medical Writers

DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Sept. 19, 2003

iBX Group, Inc. (OTCBB:IBXG), announced today that it has restructured the management of its Florida HealthSource division to bring it in line with the company's long-term strategy of capitalizing on the tremendous growth of the physical therapy and rehabilitation sector.

As the first step in the re-organization, iBX closed the underperforming clinic in Jacksonville, Fla., that was acquired last year from PhyMed. This action reinforces the business plan of strong cost containment and profitability. In addition, the company dismissed several highly paid managers at the North Florida location as a result of losses incurred in the second quarter.

iBX has turned over the management of Florida HealthSource, which maintains a statewide referral network with access to 450,000 Florida residents, to the executive team of Keith, Scott and Kevin McCoy. The McCoys, who previously managed a prominent chain of physical therapy clinics that have revenues in excess of $15 million, currently operate two integrated multi-disciplinary healthcare centers in Broward County that are being acquired by iBX. The company is maintaining revenue guidance for its Florida HealthSource division at $4.9 million for the coming year. Revenue estimates for the consolidated subsidiaries remains at $12 million to $14 million.

The McCoy team will be instrumental in the launch of the company's flagship Florida HealthSource center in Boca Raton, which is set to open this fall.

"The restructuring of Florida HealthSource's management will allow us to focus our resources on the more promising Central and South Florida markets," said Evan R. Brovenick, president and CEO of iBX, which specializes in the development of financial, administrative and technological solutions for the healthcare industry. "Florida HealthSource will continue to provide superior service to the many providers and third-party payors in its network from its new headquarters in Deerfield Beach. It also will continue to make available its company-developed Functional Capacity Evaluation testing system and plans to release an enhanced, customizable version in the coming months."

The Boca Raton clinic is being designed to showcase iBX menu of technology services for the healthcare industry, including a web-enabled Functional Capacity Evaluation that documents the assessment of an individual's ability to begin a physically demanding job or to return to a job after an injury or illness -- as well as innovative products such as TheraTouch, a programmable, interactive massage device. Florida HealthSource's multidisciplinary clinics offer a host of physical therapy, occupational medicine, rehabilitation, pain management, chiropractic and wellness services in a relaxing, upscale setting.

Based in Deerfield Beach, Florida, iBX Group Inc. develops and deploys creative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of five divisions - iBX Technologies, which enables healthcare organizations to maximize their accounts receivables; Florida HealthSource, a network of physical therapy and wellness centers; MediCompliant Solutions, which ensures medical practices' compliance with today's complex legal requirements; iBX Transcription Services, which offers physicians quick turn-around and Web-accessible progress reports; NursesSTAT, a revolutionary temporary staffing solution. IBX also owns SportshealthNet.com and TheNetDigest.com, interactive Web portals providing patients with comprehensive healthcare information and advice, and increasing physician referrals.

This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission.