IPS Health Care Raises Cash: IPS Health...

IPS Health Care Raises Cash: IPS Health Care Inc. announced late Tuesday that it has sold its controlling interest in a joint venture with Texas MRI JV to pay half a million dollars in past due federal income taxes, interest and penalties.

The $530,000 earned in the sale is also going to make a partial payment toward past due lease payments.

The problems of cash-strapped IPS Health Care were exacerbated by a “lack of focus” by management mired in its tax problems and declining sales. The Irvine-based company estimates it will lose $3.59 million for the year ending April 30.

Company officials were unavailable for comment Tuesday night. But in a prepared statement, chief executive Andrew Galligan said he hoped the company in the “next several months” will “grow and . . . return to profitability.”

IPS Health care, traded on the NASDAQ system, closed down 25 cents Tuesday at $2.12.