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Medical Connections revenue falls 13%

March 31, 2010

Medical Connection Holdings Inc. (OTCBB: MCTH.OB), a Boca Raton FL-based healthcare staffing firm, reported full-year 2009 revenue fell 13.2% to $6.1 million from $7.1 million in 2008.

Gross margin fell to 27.2% from 39.7%.

Medical Connections' net loss increased to $7.7 million in 2009 from $7.5 million in 2008. The company's 10-K filing with the U.S. Securities and Exchange Commission includes a going concern note.

"Due to the state of the overall economy, 2009 proved to be a very challenging year," Medical Connections President Anthony Nicolosi said in a press release. "Regardless, we managed to reduce our operating expenses by over $1 million during the year. In addition, we recently announced that we had entered into a definitive agreement to acquire a very successful healthcare staffing company that will serve as our operating platform in the future."

Medical Connections announced earlier in March that it was acquiring Trustaff Management Inc., a Cincinnati-based healthcare staffing firm, for $26 million in cash.

Medical Connections Holdings Inc. (OTCBB: MCTH.OB)
For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $6.1 million, -13.2%
Net loss: $7.7 million for net loss of $7.5 million