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To: Chris Forte who wrote (27187)	12/29/2004 11:26:11 AM
From: Jeffrey Beckman	Read Replies (2) \| Respond to of 120415

Chris, I missed Gary's mention of PRZ. Sounds very interesting.

To: Chris Forte who wrote (27187)	12/29/2004 3:26:34 PM
From: GARY P GROBBEL	Respond to of 120415

PRZ...Chris...i like them too...pain is a growth area...i am an expert (GG)

To: Chris Forte who wrote (27187)	12/29/2004 3:32:45 PM
From: GARY P GROBBEL	Read Replies (3) \| Respond to of 120415

ORFR 2.17/2.30...at 65,000 is now highest vol in past year

To: Chris Forte who wrote (27187)	1/2/2005 3:49:33 PM
From: - with a K	Read Replies (1) \| Respond to of 120415

PRZ: I bought recently at $3.02. PRZ has a Sales Growth of 139.00% per year and a PRZ has a forecasted Earnings Growth Rate of 28.00% My Graham Fair Value calculation: Company: PRZ Date: 12/31/05 Next year's expected earnings: $0.24 (vs. .25 consensus) EPS growth rate used for estimate: 12 (vs. 28% consensus [Yahoo reports 30%]) Multiple Graham used for estimate: 8.5 Graham Fair Value: $5.49 Current Price: $3.08 $ difference: $2.41 Percent Growth to Fair Value: 78.29% 10Q snips: PainCare Holdings, Inc. is a health care services company focused on the treatment of pain. Our subsidiaries offer pain management, minimally invasive spine surgery at out-patient surgery centers and ancillary services, including orthopedic rehabilitation, electrodiagnostic medicine and diagnostic imaging services. Our physicians are trained in specialties such as interventional pain management, orthopedics or physiatry, and utilize the latest medical technologies, clinical practices and equipment to offer cost-effective pain relief. Our growth strategy is to acquire or enter into management agreements with profitable, well-established physician practices and expand the range of services they offer. For owned practices, we survey the acquired practice and determine whether to expand the scope of services provided by the practice, including hiring additional specialists such as physicians certified in pain management, neurosurgery, orthopedics or physiatry. Depending on the requirements of the particular managed practice, we may recommend that the practice hire additional specialists. For limited management practices, we may provide the expertise to enable the practice to itself furnish in-house physical therapy or electrodiagnostic services. With these additional resources, the physician practice itself is able to offer a broader range of services to its patient base. By providing these additional services within the practice, we believe each practice can improve clinical outcomes, shorten treatment time and improve the profitability of the practice. In contrast to historical physician practice management business models that contemplated the implementation of common information technology systems, such as shared billing and collection, clinical data and electronic health record systems, we deploy only those resources necessary to support the growth of additional services. Changes to information technology systems are kept to a minimum, and changes to billing and collection procedures are also minimized. As a result, we strive to achieve minimal disruption in the practice's operations while at the same time facilitating the growth of the practice from within. Our objective is to become the leading provider of specialty pain care services in North America. To grow our practices, we intend to: • Focus on Pain Treatment. All of our operations to date have been specifically focused in the area of pain treatment. We intend to continue to focus on the treatment of pain through acquisition, management, and the provision of services to practices that serve the pain treatment market. • Deploy additional services to grow physician practices. We intend to enhance the capacity of our practices for organic growth by increasing the range of services offered by our practices. By deploying additional physicians and equipment, we can perform in-house those necessary procedures and services that would ordinarily be referred to other providers, which we believe can result in higher quality care and increased revenues to our practices. • Acquire profitable, well-established physician practices. We utilize a highly disciplined approach to evaluating acquisitions of additional practices. We have an extensive, multi-point due diligence evaluation process that we perform prior to acquisition, including such criteria as clinical quality, physician reputation, profitability and procedure and revenue growth rates. We intend to only acquire practices that we believe to be well-established with the capacity for future profitability and organic growth. • Utilize advanced medical technologies. Many of our physicians are thought leaders in their respective fields, and employ the latest clinical techniques and medical technologies for the treatment of pain. We intend to support the use of new technology in pain treatment through the deployment of additional specialized physicians who are familiar with these techniques and technologies and by providing the latest, state-of-the-art equipment. For example, we deploy MedX rehabilitation equipment to orthopedic rehabilitation facilities, which has demonstrated the ability to improve patient outcomes. • Develop additional services to enhance practice profitability. As the needs of our practices warrant we will develop additional programs to support their organic growth. For example, we may deploy imaging modalities such as mobile MRI equipment, or additional services such as in-office pharmaceutical dispensing, in order to provide a complete pain treatment program. We have relationships with 33 physician practices, which vary from state to state depending on regulations governing the corporate ownership of physician practices and the types of services we provide. Through our subsidiaries, we operate three types of practice arrangements: • We employ licensed physicians in seven practices which we own; • We have acquired the non-medical assets and we provide general management services to seven practices in states which prohibit the corporate practice of medicine; and • We have acquired and operate three outpatient surgery centers.