HOUSTON, Nov. 23 Versa Card, Inc. (OTC Bulletin Board: IGLB), doing business as Spine Pain Management, Inc. (the "Company"), reported that its revenues for the quarter ended September 30, 2009 were $230,000. The Company derived these revenues entirely from procedures performed at its first spine treatment center, opened in Houston, Texas at the end of August, 2009. These third quarter revenues delivered net income of $119,642 or approximately $.01 a share for the quarter.
With the opening of its first treatment center, the Company now provides medical diagnostic services for evaluation and treatment of patients with spine injuries. The Company is currently evaluating the development of additional spine injury treatment centers in Texas. The Company intends to continue developing or acquiring businesses that will focus on the management of musculo-skeletal injuries, including pain management, medical imaging, and surgical evaluation.
The Company's mission is to deliver turnkey solutions to spine surgeons, orthopedic surgeons and other health care providers for necessary and appropriate treatment for musculo-skeletal spine injuries resulting from automobile and work-related accidents. The goal of the Company is to become a leader in providing care management services to spine surgeons and orthopedic surgeons to facilitate proper treatment of their injured clients. By providing early treatment, the Company believes that health conditions can be prevented from escalating, and injured victims can be quickly placed on the road to recovery. The Company believes its advocacy will be rewarding to patients who obtain needed relief from painful conditions. The Company provides a care management program that advocates for the injured victims by moving treatment forward to conclusion without the delay and hindrance of the legal process.
William F. Donovan, M.D., the Company's Chief Executive Officer, stated: "Obviously, we could not be happier that the company was able to deliver significant early revenues and profits after only a few weeks of operations of its first spine treatment center. Further, we believe that this initial success can potentially be replicated and expanded elsewhere." Dr. Donovan went on to say: "Additionally, we believe the company will generate increased revenues in the fourth quarter."
Full financial results for the Company's quarter ended September 30, 2009, as reported to the U.S. Securities and Exchange Commission, can be accessed through the Company's website, http://www.spinepaininc.com or at http://www.sec.gov
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 and other factors over which the Company has little or no control. The Company does not intent (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.
Spine Pain Management, Inc.
William F. Donovan, M.D.
CEO and Director
SOURCE Versa Card, Inc.