TAMPA, Fla., March 3, 2005 (PRIMEZONE) -- Rx Processing Corporation (Pink Sheets:RXPC), a leading source of low-cost prescription medications and diagnostic lab testing for the millions of Americans who have no insurance coverage, announces two store closings in Spring Hill, Florida, effective immediately, as part of internal restructuring to maximize shareholder value.
The store closings are company-owned interests in Spring Hill, Florida. The company has no choice in closing these operations as it conducts its internal audit. The internal audit is investigating accounting practices of former employees George Donnelly, the chief operating officer and John Montichillo, vice president of operations, who wholly ran the Spring Hill division and the two store fronts in Spring Hill, Florida that provide the safe low-cost prescription drugs to our clients. The company no longer believes these facilities represent a viable staging point for prescription drug operations and will be handling all clients via telephone at 800-343-7847.
Peter Fiorillo, CEO of Rx Processing commented, "The actions will damage the companies affiliate base while consuming added financial resources, but it sends a clear message that Rx Processing Corp is taking action to ensure compliance with regulatory and industry alike. The company will continue to provide safe affordable medications and lab services in the future as it cleans out the re-importation industry from within by enforcing the standards to work from."
Americans who have no prescription insurance coverage or lab testing coverage have turned to Rx Processing, which offers FDA-approved American generic and low-cost Canadian brand name drugs with access to more than 3,000 FDA-approved patient service centers for their lab testing. Rx Processing's state-of-the-art technology finds the best prescription drug prices for these customers and members by sending their prescriptions to licensed pharmacies or lab order to the closest patient center to be serviced. Rx Processing provides access to prescription drugs, lab testing and drug testing for the 40 million Americans without prescription drug coverage who spend billions of dollars on their prescription drugs, lab testing and drug testing per year.
Rx Processing is rapidly becoming a market leader in providing prescription drugs, lab tests and Drug tests to U.S. Citizens, corporations, unions, and members through FDA-approved patient service centers for their Lab testing and licensed pharmacies in the United States and Canada. The Company provides access to all approved brand name and generic medications and provides access to over 1,000 diagnostic tests including: heart disease risk assessment, cancer detection and several other wellness tests and early detection diagnostics ready for distribution an service in the U.S. market through its Company owned and operated storefront locations and affiliated storefronts with access to 3,000 FDA-approved patient service centers for their lab testing . By utilizing Rx Processing, U.S. citizens can save up to 84% on their daily prescriptions up to 50% on their lab testing and drugs screening. Ordering these reduced cost medications and lab tests are available at the Company's affiliate retail storefronts and information about the company can be found at www.rxprocessingcorp.com.
Safe Harbor Statement
All statements other than statements of historical fact included in this press release are "forward-looking statements." The forward-looking statements, including statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the Company and factors that are subject to uncertainties, risk and other influences, which are outside the Company's control, and may yield results differing materially from those anticipated.