TAMPA, Fla., Feb. 8, 2005 (PRIMEZONE) -- Rx Processing Corporation (Pink Sheets:RXPC), a leading source of low-cost prescription medications for millions of Americans who have no prescription insurance coverage, announces today that it has acquired Lab Pass Associates LLC. Lab Pass Associates is a registered U.S. government contractor that provides lab screenings and drug testing to corporations, unions, and members through over 3,000 FDA Approved patient service centers. Rx Processing acquired 100% ownership in Lab Pass Associates in exchange for 800,000 shares of Common Stock.
This partnership allows both Companies to expand their product offerings, opening additional revenue channels. Lab Pass Associates provides access to over 1,000 diagnostic tests including: heart disease risk assessment, cancer detection and several other wellness tests and early detection diagnostics. Additionally, Lab Pass Associates provides commercial drug and blood testing for the DOT/FAA. They offer chain of custody legal drug screening program applications, and instant drug screening kits for private testing.
Peter Matuch, President of Lab Pass Associates, stated, "I see the combination of lab testing and prescription drugs as a winning combination for all uninsured Americans. To ensure the success of this merger, I have decided to continue working with Rx Processing Corp under a three year employment contract as we continue to build new clients and provide our members access to affordable lab screenings and prescription drugs. By providing early detection screening and access to low cost prescriptions together under one company, we will be providing unmatched affordable healthcare solutions for the uninsured."
Peter Fiorillo, CEO of Rx Processing commented, "This strategic acquisition will make healthcare more affordable to our customers by reducing the costs of lab screenings and drug testing. Rx Processing gains financial strength and a diversified set of synergistic product offerings to better serve our growing client base."
Americans who have no prescription insurance coverage have turned to Rx Processing, which offers FDA-approved American generic and low-cost Canadian brand name drugs. Rx Processing's state-of-the-art technology finds the best prescription drug prices for these customers by sending their prescriptions to licensed pharmacies to be filled. Rx Processing provides access to prescription drugs for the 40 million Americans without prescription drug coverage who spend billions of dollars on their prescription drugs per year.
Rx Processing is rapidly becoming a market leader in providing prescription drugs to U.S. Citizens, corporations, unions, and prescription benefit plans through licensed pharmacies in the United States and Canada. The Company provides access to over 1,500 approved brand name and generic medications ready for distribution in the U.S. market through its Company owned and operated storefront locations and over 130 affiliated storefronts. By utilizing Rx Processing, U.S. citizens can save up to 84% on their daily prescriptions. Ordering these reduced cost medications are available at the Company's affiliate retail storefronts and information about the company can be found at www.rxprocessingcorp.com
Safe Harbor Statement
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