WellQuest Medical & Wellness Corporation (the "Company" or
"WellQuest") (PINKSHEETS: WEQL), reported record operating income
of $558,328 from its Bentonville site for the fiscal year December
31, 2010. This marks an increase over operating income of $554,312
in fiscal 2009. The growth in operating income came on slightly
reduced revenues of $3,673,604 offset by lower direct operating
expenses, excluding intercompany charges, of $3,115,276 for the
fiscal year ended December 31, 2010. This marks three consecutive
years of growth in operating income for WellQuest operations.
As reported in the Company's 2010 annual filing, the Company's
reduction in SEC related expenses beginning in the second quarter
of 2010, along with reduction in interest and other operating
expenses, allowed the Company to achieve positive consolidated net
income of $62,372 in the 3rd and 4th quarters of 2010. This reduced
the company's annual consolidated loss to $(81,069) for the fiscal
year ended December 31, 2010, a 76% reduction from a consolidated
loss of $(262,797) in 2009.
"The continued success of our Bentonville facility substantiates
our goal to grow the WellQuest brand by replicating our model
across the country. Our flagship location has been increasingly
profitable for the past three years. This reflects our client's
positive response to our customer focused concept: an upscale
environment where clients receive excellent and convenient medical
care integrated with wellness and preventative services, and
advanced skin care and aesthetic services. This integration results
in a comfortable and trusted location to meet a family's primary
healthcare needs. Our approach to healthcare goes beyond just
treating sickness, and we are finding more corporations who want
this for their employees. Disease prevention, weight-loss,
nutritional supplements and aesthetics address the broader spectrum
of health concerns for more of today's families and health
conscious businesses," stated WellQuest President Steve Swift.
WellQuest seeks to lead its customers in their personal "Quest
for Wellness." The Company's aim is to make a positive difference
in the health and lives of its staff, its clients and its
community. In 2010, the Bentonville site had 39,705 total client
visits with 80% of the visits from repeat customers and 20% of all
visits being new clients.
WellQuest intends to replicate its positive integrative medical
experience by opening branded WellQuest facilities in other
metropolitan areas of the U.S. The Company believes families and
businesses are seeking options in the U.S. where annual sick care
costs exceed $2.5 trillion, approaching 17% of GDP, and yet our
nation ranks below many other nations in health status. WellQuest
is a relevant option toward treatment, prevention and wellness. The
Company's business is aimed at the evolving healthcare market which
includes a $500 billion physician services sector, an $86 billion
nutraceutical sector, a $12 billion cosmeceutical sector, and a
$12.8 billion spa/medical spa sector. These sectors have
traditionally been segregated in their delivery of services and
products. WellQuest brings them together in a way that meaningfully
serves its customers.
About WellQuest Medical & Wellness
Corporation WellQuest offers its innovative concept in
healthcare delivery by integrating conventional and complementary
physician medicine with wellness, and aesthetic services in one
center, creating an effective environment for the pursuit and
maintenance of a healthy life. WellQuest's unique model for
healthcare helps customers get well, stay well, and look well.
Currently operating in Bentonville, Arkansas, WellQuest seeks to
open additional locations in the U.S.
Forward-Looking Statements This press release contains "forward-looking
statements" within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements, including but not limited to, the
Company's ability to obtain the necessary financing to continue and
expand operations, to market its products and services in new
markets and to offer healthcare services at competitive pricing,
anticipated revenue from client visits; general economic conditions
and other factors detailed from time to time in the Company's
filings with the United States Securities and Exchange Commission
and other regulatory authorities. These statements include, without
limitation, statements regarding our ability to prepare the Company
for growth; the Company's planned expansions, and predictions and
guidance relating to the Company's future financial performance.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
WELLQUEST MEDICAL & WELLNESS CORPORATION
Consolidated Balance Sheets
December 31, 2010 and 2009
2010 2009
------------- -------------
Assets
Current assets:
Cash $ 11,411 $ 49,700
Accounts receivable, less allowances of
$251,084 and $245,388 at December 31, 2010
and 2009, respectively 181,018 294,246
Other current assets 58,634 70,777
------------- -------------
Total current assets 251,063 414,723
Property and equipment, net 193,870 279,967
Deferred financing costs, net of accumulated
amortization of $64,808 and $27,775 at
December 31, 2010 and 2009, respectively 46,292 83,325
------------- -------------
$ 491,225 $ 778,015
============= =============
Liabilities and Stockholders' Deficit
Current liabilities:
Line of credit $ 110,000 $ 167,500
Accounts payable 86,715 309,778
Accrued liabilities 234,152 155,783
Due to physicians and related parties 677,104 598,230
Note payable to related party 40,000 40,000
Current maturities of long-term debt 305,883 408,920
Current obligations under capital leases 33,165 28,155
Current maturities of subordinated
debentures payable to stockholders 491,497 493,497
------------- -------------
Total current liabilities 1,978,516 2,201,863
Long-term obligations under capital leases,
less current portion 57,327 90,492
Subordinated debentures payable to
stockholders, less current maturities 443,123 443,123
------------- -------------
Total liabilities 2,478,966 2,735,478
------------- -------------
Stockholders' deficit:
Preferred stock - $.01 par value; authorized
2,500,000 shares; 75,000 shares designated
as Series A convertible preferred stock;
25,515 shares issued and outstanding at
December 31, 2010 and 2009 255 255
Common stock - $.001 par value; authorized
150,000,000 shares; 29,335,167 and
29,272,667 shares issued and outstanding at
December 31, 2010 and 2009, respectively 29,335 29,273
Additional paid-in capital 1,561,012 1,510,283
Warrants 177,000 177,000
Accumulated deficit (3,755,343) (3,674,274)
------------- -------------
Total stockholders' deficit (1,987,741) (1,957,463)
------------- -------------
Total liabilities and stockholders' deficit $ 491,225 $ 778,015
============= =============
WELLQUEST MEDICAL & WELLNESS CORPORATION
Consolidated Statements of Operations
Years ended December 31, 2010 and 2009
2010 2009
------------- -------------
Net revenues $ 3,673,604 $ 3,823,994
Operating expenses:
Salaries, wages and benefits 1,257,840 1,247,574
Rents and facility expenses 275,364 287,131
Clinic direct expenses, excluding salaries,
wages and benefits 1,404,626 1,527,040
Spa direct expenses, excluding salaries,
wages and benefits 282,420 295,639
General corporate expenses 246,161 389,646
Depreciation and amortization 97,754 115,625
------------- -------------
Total operating expenses 3,564,165 3,862,655
------------- -------------
Operating income (loss) 109,439 (38,661)
Interest expense (190,508) (224,136)
------------- -------------
Net loss $ (81,069) $ (262,797)
============= =============
Loss per common share:
Basic and diluted $ (0.003) $ (0.010)
============= =============
Weighted average number of common shares and
dilutive common share equivalents
outstanding:
Basic and diluted 29,330,201 26,867,425
============= =============
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Investor and Media Contact: Steve Swift President 918-361-4192
Email Contact
WellQuest Medical and We... (CE) (USOTC:WEQL)
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WellQuest Medical and We... (CE) (USOTC:WEQL)
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