TAMPA, Fla., Aug. 2, 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 the Company has signed an option to purchase Direct Laboratory Services, Inc (DLS) of Mandeville, LA. The agreement provides Rx Processing with the option to acquire an 80% stake in DLS in exchange for 2,000,000 shares of common stock at signing and $4,000,000 to be funded within 12 months.
John A. Bell, III, President of DLS, stated, "Direct Labs is excited to work with and support Rx Processing in its mission to make lab testing and prescription drugs more affordable to U.S. citizens without insurance coverage. We are confident that Rx Processing Corp will complete the option agreement and take control of Direct Lab Services, steering both organizations in a mutually beneficial direction."
Over the last 17 years Direct Labs Services, under the direction of John Bell, has become one of the leading Direct Access Testing companies in the industry. DLS' core mission is to provide laboratory screening tests for individuals who desire to take charge of their own health, and to assist in the prevention and early detection of disease. Mr. Bell has recently expressed interest in joining Rx Processing and supports the Company's efforts to provide U.S. citizens with affordable, quality healthcare.
Peter Fiorillo, CEO of Rx Processing commented, "The option to purchase DLS is an exciting development and when exercised, will continue our steady commitment and focus on providing affordable, safe, and HIPPA-compliant healthcare services. Providing prescription drugs and direct access to lab testing to consumers through store fronts and Pay Cards will greatly increase our low cost distribution channels and foster long term growth."
For more information about Direct Lab Services, Inc., visit www.directlabs.com.
About Direct Lab Services
Founded in 1985, DLS wellness screening programs have helped people become aware of the importance of wellness and prevention. The Company provides laboratory screening tests for individuals who desire to take charge of their own health and personally monitor their wellness and to assist in the prevention or early detection of disease by providing low cost, high quality screening services directly and confidentially to consumers. DLS has worked with some of the country's largest retailers as well as state and local Health Departments in organizing and administering health screenings.
About Rx Processing
Rx Processing is positioned to become 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 approved brand name and generic medications as well as over 1,000 Lab tests through storefront locations with access to 4,000 FDA-approved patient service centers for their lab testing. Rx Processing estimates that more than 40 million Americans could benefit from the company's low cost prescription drugs, lab testing and drug screening. Rx processing Corp also will soon distribute its benefits through a stored value pay card through the company's subsidiary FSI corporate.
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.