Spine Pain Management, Inc. Changes Name and Obtains New Trading Symbol; Delivers Positive Net Income in Its Third Quarter
01 December 2009 - 5:49AM
PR Newswire (US)
HOUSTON, Nov. 30 /PRNewswire-FirstCall/ -- Spine Pain Management,
Inc. (OTC:SPIN) (BULLETIN BOARD: SPIN) (the "Company") has
officially changed its name from "Versa Card, Inc." to "Spine Pain
Management, Inc." and has changed its trading symbol from "IGLB" to
"SPIN." The name change was effected legally with the Delaware
Secretary of State on November 12, 2009 and was effected in the
market on November 27, 2009. William F. Donovan, M.D., the
Company's Chief Executive Officer, stated: "We believe the new name
better reflects the Company's current business model within the
healthcare industry." The Company's Board of Directors and a
majority of its stockholders approved the name change, as disclosed
in a definitive Information Statement filed with the Securities and
Exchange Commission ("SEC") on October 14, 2009. Additionally, the
Company has 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 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 other cities. 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. Dr. Donovan 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
be replicated and expanded elsewhere." Dr. Donovan went on to say:
"Additionally, we believe the company will generate increased
revenues in the fourth quarter." 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 spine injuries can be managed, 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. Full financial results for the Company's quarter ended
September 30, 2009, as reported to the SEC, can be accessed at
http://www.sec.gov/Archives/edgar/data/1066764/000114420409058220/v164997_10q.
htm. The Company's Information Statement Pursuant to Section 14(c)
of the Securities Exchange Act of 1934, containing more information
about the name change, as reported to the SEC, can be accessed at
http://www.sec.gov/Archives/edgar/data/1066764/000114420409052775/v162218_def1
4c.htm. Additional information about the Company may also be found
at its website at http://www.spinepaininc.com/. 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. Contacts:
Spine Pain Management, Inc. William F. Donovan, M.D. CEO and
Director 713-453-8851 DATASOURCE: Spine Pain Management, Inc.
CONTACT: William F. Donovan, M.D., CEO and Director of Spine Pain
Management, Inc., +1-713-453-8851, Web Site:
http://www.spinepaininc.com/
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