PHM announces financial results for quarter and year ended September 30, 2010

Patient Home Monitoring (PHM) , a company focused on in-home cardiology healthcare services, today announced financial results for the quarter and year ended September 30, 2010.

"While the year end financials mainly reflect PHM's listing and not the operational progress made, 2010 was an important first year for PHM," said Ed Berenblum, CEO of Patient Home Monitoring.  "We began operations in April of 2010 with a plan to penetrate a high growth market in an underserved niche with a unique and compelling offering. By September 30^th, our year end, we had been operating for just six months but managed to accomplish many goals. We launched the business with a controlled pilot study with just one customer and a handful of patients. The purpose of this study was to ensure that we understood the risks, sensitivities, complications and costs of operating a business in this market niche. In June, we finalized our listing and financing, which enabled the full launch of the business. By August, four months into the pilot, we began to develop and implement the systems and the infrastructure required to scale the business to serve multiple customers and several thousand patients. We spent September investing in these activities, including systems design, hiring and training staff and building our sales pipeline."

"Most importantly, as our year ended, PHM moved out of start-up phase and into full commercial mode, enrolling patients from multiple groups," Continued Mr. Berenblum. "Our next milestone is to achieve a revenue level which will make PHM a self sustaining business. We are currently focused on satisfying the demand we see in our market as quickly as possible. We are hiring staff to expand our customer pipeline, negotiating more favorable supply agreements for purchasing a higher volume of equipment and continuing to evolve our systems to realize the benefits of revenue with increased automation and reduced per unit cost."

"In reviewing the year end financials, many of the expenses were related to the listing, financing, and start-up activities. While this was an expensive endeavor, it is a requirement for PHM to achieve rapid growth by penetrating this large, underserved market niche. We have been cautious with our operational expenses since listing and will continue to focus on cash management as we grow our business. I am confident that with our current balance sheet and revenue growth rate we will get to a self sustaining level. In terms of future financings, our Board and I will determine the best method to grow our business while maximizing shareholder value."

2010 Highlights

• PHM launched in-home monitoring services with a small group of patients in April 2010
• Extrapolating from over four months of statistics, PHM's business model appears to yield two to four times the market penetration per clinic generally achieved by the competition.
• PHM closed equity financing of $4.5 million and listed on the TSX Venture Exchange
• Successfully recruited Ed Berenblum as Chief Executive Officer
• PHM invested in call center and patient enrollment infrastructure enabling the company to scale up to many thousands of patients with minimal further capital investment
• By September 30, 2010 PHM started the process of enrolling multiple large cardiology groups in the US to provide their patient base with PHM's Patient Self-Testing ("PST") services
• By September 30, 2010, PHM had transitioned from start-up phase to full commercial mode, with the staffing, infrastructure and a pipeline of potential customers to achieve enrollment of many thousands of patients