Orion HealthCorp Confirms Company's Current Auditors Join New Firm
14 Julio 2006 - 6:45AM
Business Wire
Orion HealthCorp, Inc. (AMEX: ONH) today confirmed that its
auditors, UHY Mann Frankfort Stein & Lipp CPAs, LLP ("UMFSL")
had joined UHY LLP ("UHY"), an independent registered public
accounting firm with which UMFSL had an affiliation. As a result,
UMFSL has resigned as the Company's auditor of record, and UHY has
been engaged as the replacement. Terrence L. Bauer, chief executive
officer of Orion HealthCorp, said, "The engagement of UHY as our
auditors is merely a formality because UMFSL, our prior auditors,
recently joined UHY. For Orion HealthCorp, we believe that it means
business as usual except that the name of the accounting firm has
changed. We look forward to a continuation of the good relationship
we have enjoyed for the last two years with our auditors. None of
the reports of UMFSL on the Company's financial statements for
either of the past two years or subsequent interim periods
contained an adverse opinion or disclaimer of opinion, or was
qualified or modified as to uncertainty, audit scope or accounting
principles, except for a going concern opinion expressing
substantial doubt about the Company's ability to continue as a
going concern. Also, during the two most recent fiscal years of the
Company and the interim period through June 27, 2006, preceding
resignation, there were no disagreements between the Company and
UMFSL on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of UMFSL,
would have caused it to make reference to the subject matter of the
disagreements in connection with its report." 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. Orion HealthCorp, Inc. undertakes no obligation to
update publicly any forward-looking statements, whether as a result
of new information or future events.
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