Banyan Corporation Announces Record Revenues for the Month Ended February 2006
(CybeRelease, March 28, 2006) - Lake Harmony, PA - Banyan Corporation (OTC BB: BANY) is pleased to announce record revenues for the month ended February, 2006. Consolidated revenues from Banyan subsidiary companies, Chiropractic USA, Diagnostic USA, plus the recently acquired Premier Medical Group LLC, were approximately $438,171.80 (unaudited) vs. $26,774.24 for the same month last year, an increase of over $400,000 over February 2005. This substantial jump in revenues was driven principally through the addition of revenues from our newest addition to Banyan - Premier Medical group, effective February 10, 2006 as well as a significant increase in Chiropractic USA royalty income.
Premier has been operating since 1993 and is one of the largest electro-diagnostic testing companies in the country. Premier, which operates in 30 states and has tested for over 3500 physicians, has a history of significant profitability.
Commenting on the February revenue numbers, Banyan CEO Michael Gelmon said, "We are pleased to see the immediate impact on our top line revenues from our recent acquisition of Premier Medical Group, in addition to the continued improvement in our other subsidiaries, Chiropractic USA and Diagnostic USA. We have big plans for Premier on a go-forward basis and expect significant further revenue growth. Based on current projections, we expect Banyan to be profitable by the 2nd Quarter of this year.”
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