The Company has Also Reduced Operating Expenses by Subleasing Office Space at a Significant Reduction in Expenses
MILTON, GA, Oct. 22, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company emphasizing renewable fuels, bio-based plastics, healthcare and building a communications infrastructure, announced today that it has received the Medicare license for its toxicology laboratory in Tulsa, Oklahoma.
The laboratory, which received its CLIA license in August, is dedicated to running samples reimbursed by Medicare and individual state Medicaid programs only (“federal lab”). Now that Attis has received its CMS license, which provides Medicare coverage for all states, Attis will begin taking samples and billing under its new Medicare number while at the same time begin applying for Medicaid coverage for the states of Oklahoma, Arkansas, Kansas, Missouri, Texas, Colorado and New Mexico.
“As the national opioid crisis persists and the demand for toxicology testing continues to grow, Attis Healthcare’s national toxicology lab is positioned to aid clinicians in addiction treatment and the monitoring of controlled substances that allows them to effectively treat patients with complex medication needs,” stated, Jeff Cosman, Chief Executive Officer of Attis Industries. “Securing our Medicare license was a critical component as we ramp up the volume of samples running through our lab.” Deep market analysis has led Attis Healthcare to design and build its current lab infrastructure to handle samples that would produce revenue of $10-$12 million and margins between 20-25%. “With further lab and infrastructure build out and a concentrated effort by our contracted sales force, I believe we can double our expected revenue in the next 12 to 18 months. Our work over the preceding months to position Attis for significant revenue growth in the Healthcare division is beginning to pay off. Rob Dunn, the Healthcare division President, has a strong background leading teams in sales organizations, including in a Fortune 500 organization that had more than $2.6 Billion in annual revenue and more than 1,500 employees. The work that Rob and his team are doing is just beginning to scratch the surface of what we can accomplish in Healthcare,” continued Cosman.
Additionally, on October 18, Attis entered into an agreement with a tenant to sublease the office space of Attis’ former corporate office through the end of the lease period (February 2021). This will save the Company over $300,000 in operating expenses per year. “The Company’s continued focus on operating discipline and improving its balance sheet over the preceding months continues to pay off, which will have a direct benefit to our shareholders in the months and years to come,” stated Cosman.
Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a holding company focused on developing and building businesses that play important roles in the new economy. We strive to encourage our employees to be entrepreneurs focused on innovation and technology. We will remain dynamic, persistent and motivated to our mission of winning. The growth of our company will rely on our integrity and our vision for the future. Attis Industries will continue to fulfill essential needs in healthcare, energy independence and digital communications. Today, each of these sectors provide high growth opportunities that collectively account for more than a third of our nations GDP. For more information, visit: www.attisind.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “would” or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to continue to meet the listing requirements of NASDAQ; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company’s go-forward business, and the risks identified and discussed under the caption “Risk Factors” in the Attis Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2018 and the other documents Attis files with the SEC from time to time. There will be events in the future, however, that Attis is not able to predict accurately or control. Attis’s actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’s actual results to materially differ may emerge from time to time, and it is not possible for Attis to accurately predict all of them. Any forward-looking statement made by Attis in this press release speaks only as of the date on which Attis makes it. Attis undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.