Exhibit 99.1
AMERICAN STOCK EXCHANGE ACCEPTS PAINCARE’S PLAN TO REGAIN CONTINUED LISTING COMPLIANCE
Orlando, FL – (PR NEWSWIRE) – May 16, 2006–PainCare Holdings, Inc. (AMEX:PRZ), one of the nation’s leading providers of pain-focused medical and surgical solutions and services, today reported that the American Stock Exchange notified PainCare that it has accepted the Company’s plan of compliance and granted an extension until June 2, 2006 for the Company to file its Form 10-K for the fiscal year ended December 31, 2005, and a further extension until June 30, 2006 to file its Form 10-Q for the period ended March 31, 2006.
The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in PainCare being delisted from the American Stock Exchange.
“We are very pleased that the Amex Staff accepted our plan of compliance and currently expect that we will file our 10-K and 10-Q in advance of the noted extension deadlines,” stated Mark Szporka. “Upon receiving final approval from our auditors, we will be filing our 10-K with the SEC and should follow with the filing of our 10-Q shortly thereafter. Once that is completed, we look forward to concentrating our attention on building our business.”
About PainCare Holdings, Inc.
Headquartered in Orlando, Florida, PainCare Holdings, Inc. is one of the nation’s leading providers of pain-focused medical and surgical solutions and services. Through its proprietary network of acquired or managed physician practices and ambulatory surgery centers, and in partnership with independent physician practices and medical institutions throughout the United States and Canada, PainCare is committed to utilizing the most advanced science and technologies to diagnose and treat pain stemming from neurological and musculoskeletal conditions and disorders.
Through its majority-owned subsidiary, Amphora, the Company is also engaged in providing advanced Intraoperative Monitoring (IOM) and interpretation services to hospitals and surgeons; and through its wholly-owned subsidiary, Caperian, Inc., PainCare offers medical real estate and development services.
For more information on PainCare Holdings, please visitwww.paincareholdings.com.
This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance, are subject to the following risks: the acquisition of businesses or the launch of new lines of business, which could increase operating expenses and dilute operating margins; the inability to attract new patients by our owned practices, the managed practices and the limited management practice; increased competition, which could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with physician practices, whether due to competition or other factors; the inability to comply with regulatory requirements governing our owned practices, the managed practices and the limited management practices; that projected operating efficiencies will not be achieved due
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to implementation difficulties or contractual spending commitments that cannot be reduced; and to the general risks associated with our businesses.
In addition to the risks and uncertainties discussed above you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT: Media Relations
Suzanne Beranek at 407.475.0763 or via email atsuzanne@beranekcommunications.com
Investor Relations
Dodi Handy, Elite Financial Communications Group, LLC
at 407.585.1080 or via email atprz@efcg.net
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