SurgiCare Announces Acquisition of Collection Company and Restructuring

HOUSTON, TX – SurgiCare, Inc. (AMEX: SRG), a Houston-based ambulatory surgery center company, announced today that it has entered into agreements relating to business combinations with three other companies, an equity investment and a recapitalization that would result in a significantly expanded healthcare services company with a new capital structure. As part of these transactions, the resulting company will be renamed “Orion HealthCorp, Inc.” (“Orion”) under a new trading symbol yet to be determined.

Closing of the transactions is conditioned upon several factors, including: approval of SurgiCare’s stockholders; approval of continued listing of Orion’s stock on the American Stock Exchange; satisfactory completion of due diligence by certain of the parties; satisfactory resolution of outstanding issues with creditors; simultaneous closing of all transactions; and other conditions commonly found in similar transactions.