SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2
(Amendment No. )*
PainCare Holdings, Inc.
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(Name of Issuer)
Common Stock, Par Value $.0001 Per Share
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(Title of Class of Securities)
69562E104
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(CUSIP Number)
October 1, 2007
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(Date of Event Which Requires Filing of this Statement)
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Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/ x / Rule 13d-1(c)
/ / Rule 13d-1(d)
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* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, SEE
the NOTES).
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CUSIP No. 69562E104 13G Page 2 of 14 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Islandia, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,483,327 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
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7 SOLE DISPOSITIVE POWER
6,483,327 shares
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8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,483,327 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.2%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69562E104 13G Page 3 of 14 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John Lang, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,483,327 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,483,327 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,483,327 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.2%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69562E104 13G Page 4 of 14 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Richard Berner
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,483,327 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,483,327 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,483,327 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.2%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69562E104 13G Page 5 of 14 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Edgar Berner
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,483,327 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,483,327 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,483,327 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.2%
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12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69562E104 13G Page 6 of 14 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas Berner
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,483,327 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,483,327 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,483,327 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69562E104 13G Page 7 of 14 Pages
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Item 1(a). Name of Issuer:
PainCare Holdings, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
1030 N. Orange Avenue, Ste. 105
Orlando, Florida 32801
Item 2(a). Name of Person Filing:
This statement is filed by Islandia, L.P., a Delaware limited
partnership ("Islandia"), John Lang, Inc., a New York corporation
("John Lang"), Richard Berner, Edgar Berner and Thomas Berner. Each
of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." John Lang is the general
partner of Islandia. Richard Berner serves as President of John
Lang. Each of Edgar Berner and Thomas Berner serves as a Vice
President of John Lang. By virtue of their respective positions with
John Lang, each of Richard Berner, Edgar Berner and Thomas Berner
has the sole power to vote and dispose of the shares of Common Stock
beneficially owned by Islandia. Accordingly, the Reporting Persons
are hereby filing a joint Schedule 13G. Each of John Lang, Richard
Berner, Edgar Berner and Thomas Berner disclaims beneficial
ownership of the shares of Common Stock beneficially owned by
Islandia, except to the extent of their respective pecuniary
interests therein.
Item 2(b). Address of Principal Business Office or, if None, Residence:
485 Madison Avenue, 23rd Floor
New York, New York 10022
Item 2(c). Citizenship:
Islandia is a Delaware limited partnership. John Lang is a New
York corporation. Each of Richard Berner, Edgar Berner and
Thomas Berner is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.0001 per share
Item 2(e). CUSIP Number:
69562E104
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CUSIP No. 69562E104 13G Page 8 of 14 Pages
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Item 3. If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b)
or (c), check whether the person filing is a:
(a) / / Broker or dealer registered under Section 15 of the Act (15
U.S.C. 78o).
(b) / / Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) / / Insurance company as defined in Section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) / / Investment company registered under Section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) / / An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f) / / An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F).
(g) / / A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) / / A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act (15 U.S.C. 80a-3).
(j) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership
(a) Amount beneficially owned:
6,483,327 shares*
(b) Percent of class:
8.2% (based on 78,780,694 shares of Common Stock outstanding as of
November 7, 2007 as reported in the Issuer's Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
November 13, 2007)
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CUSIP No. 69562E104 13G Page 9 of 14 Pages
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(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
6,483,327 shares*
(ii) Shared power to vote or to direct the vote
0 shares
(iii) Sole power to dispose or to direct the disposition of
6,483,327 shares*
(iv) Shared power to dispose or to direct the disposition of
0 shares
* By virtue of their respective positions with John Lang, the general partner of
Islandia, each of Richard Berner, Edgar Berner and Thomas Berner has sole voting
and dispositive power with respect to the shares of Common Stock beneficially
owned by Islandia. Each of John Lang, Richard Berner, Edgar Berner and Thomas
Berner disclaims beneficial ownership of the shares of Common Stock beneficially
owned by Islandia, except to the extent of their respective pecuniary interests
therein.
The 6,483,327 shares of Common Stock beneficially owned by Islandia include only
actual shares of Common Stock. Additionally, Islandia holds convertible
debentures of the Issuer convertible into an aggregate of 23,011,697 shares of
Common Stock and a warrant exercisable for 5,555,556 shares of Common Stock.
However, the aggregate number of shares of Common Stock into which such
debentures are convertible and warrant is exercisable, and as to which Islandia
has the right to acquire beneficial ownership, is limited to the number of
shares of Common Stock that, together with all other shares of Common Stock
beneficially owned by the Reporting Persons, including the shares of Common
Stock subject to this Schedule 13G, does not exceed 4.99% of the total
outstanding shares of Common Stock. Accordingly, such debentures are not
currently convertible, and such warrant is not currently exercisable, into
Common Stock unless and until the actual shares of Common Stock beneficially
owned by the Reporting Persons is less than 4.99% of the total outstanding
shares of Common Stock.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
See Joint Filing Agreement filed as an exhibit hereto.
Item 9. Notice of Dissolution of Group.
Not Applicable
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CUSIP No. 69562E104 13G Page 10 of 14 Pages
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Item 10. Certifications.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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CUSIP No. 69562E104 13G Page 11 of 14 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Dated: November 13, 2007 ISLANDIA, L.P.
By: John Lang, Inc.
General Partner
By: /s/ Edgar Berner
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Name: Edgar Berner
Title: Vice President
JOHN LANG, INC.
By: /s/ Edgar Berner
----------------------------------------
Name: Edgar Berner
Title: Vice President
/s/ Edgar Berner
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Edgar Berner, as attorney-in-fact for Richard Berner
/s/ Edgar Berner
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Edgar Berner
/s/ Edgar Berner
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Edgar Berner, as attorney-in-fact for Thomas Berner
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CUSIP No. 69562E104 13G Page 12 of 14 Pages
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on behalf
of each of them of a Statement on Schedule 13G dated November 13, 2007
(including amendments thereto) with respect to the Common Stock of PainCare
Holdings, Inc. This Joint Filing Agreement shall be filed as an Exhibit to such
Statement.
Dated: November 13, 2007 ISLANDIA, L.P.
By: John Lang, Inc.
General Partner
By: /s/ Edgar Berner
----------------------------------------
Name: Edgar Berner
Title: Vice President
JOHN LANG, INC.
By: /s/ Edgar Berner
----------------------------------------
Name: Edgar Berner
Title: Vice President
/s/ Edgar Berner
--------------------------------------------
Edgar Berner, as attorney-in-fact for Richard Berner
/s/ Edgar Berner
--------------------------------------------
Edgar Berner
/s/ Edgar Berner
--------------------------------------------
Edgar Berner, as attorney-in-fact for Thomas Berner
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CUSIP No. 69562E104 13G Page 13 of 14 Pages
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POWER OF ATTORNEY
Know all by these presents, that each of the undersigned hereby
constitutes and appoints RICHARD BERNER signing singly, the undersigned's true
and lawful attorney-in-fact to:
1. execute for and on behalf of the undersigned all filings with the
Securities and Exchange Commission relating to the business of Islandia, L.P.
including, but not limited to, any Forms 3, 4 or 5, Schedule 13D, Schedule 13G,
any amendments thereto and any related documentation which may be required to be
filed in his individual capacity as a result of the undersigned's beneficial
ownership of, or participation in a group with respect to, securities directly
or indirectly beneficially owned by Islandia, L.P.
2. do and perform any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
document with the appropriate authority.
3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
The undersigned hereby grant to such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this Power of Attorney and the rights and powers herein
granted. The undersigned acknowledge that the foregoing attorney-in-fact, in
serving in such capacity at the request of the undersigned, is not assuming any
of the undersigned's responsibilities to comply with any rules or regulations
including federal securities laws.
This Power of Attorney shall remain in full force and effect until revoked
by any of the undersigned in a signed writing delivered to the foregoing
attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to
be executed as of this 19th day of April, 2007.
/s/ Edgar Berner
------------------------
Edgar Berner
/s/ Thomas Berner
------------------------
Thomas Berner
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CUSIP No. 69562E104 13G Page 14 of 14 Pages
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POWER OF ATTORNEY
Know all by these presents, that each of the undersigned hereby
constitutes and appoints EDGAR BERNER signing singly, the undersigned's true and
lawful attorney-in-fact to:
1. execute for and on behalf of the undersigned all filings with the
Securities and Exchange Commission relating to the business of Islandia, L.P.
including, but not limited to, any Forms 3, 4 or 5, Schedule 13D, Schedule 13G,
any amendments thereto and any related documentation which may be required to be
filed in his individual capacity as a result of the undersigned's beneficial
ownership of, or participation in a group with respect to, securities directly
or indirectly beneficially owned by Islandia, L.P.
2. do and perform any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
document with the appropriate authority.
3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.
The undersigned hereby grant to such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this Power of Attorney and the rights and powers herein
granted. The undersigned acknowledge that the foregoing attorney-in-fact, in
serving in such capacity at the request of the undersigned, is not assuming any
of the undersigned's responsibilities to comply with any rules or regulations
including federal securities laws.
This Power of Attorney shall remain in full force and effect until revoked
by any of the undersigned in a signed writing delivered to the foregoing
attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to
be executed as of this 19th day of April, 2007.
/s/ Richard Berner
------------------------
Richard Berner
/s/ Thomas Berner
------------------------
Thomas Berner
Paincare (AMEX:PRZ)
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