TAMPA, Fla., April 5, 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, outlines to shareholders actions taken in the commitment to Assurances, Compliance, Efficacy, and Safety that affect the operations of the company.
Dear Shareholders,
This company was formed to provide a vehicle for individuals to support and order prescription drugs from the international and domestic market at discounted prices. Rx Processing Corp has since become the foundation of hope that is positively effecting health care in the United States by changing the pricing models of the main-stream supply chain from a Demographic pricing structure "where cost of living determines your prices," to a Cost-Plus pricing structure "cost of goods plus shipping." The Innovations in the distribution process in pricing prescription drugs has and will affect a multitude of industries to include Diagnostic lab testing, Drug Screening, and various other consumer products-driven Industries.
Rx Processing Corp has accomplished the four principles of Assurances, Compliance, Efficacy and Safety to solidify this distribution model; the following actions have been taken to support these four principles.
Assurances: As an ethically motivated corporation, the right ethically correct actions can in the short term lead to setbacks and challenging hurdles for executives and principles in this company to overcome. Peter Fiorillo is persistent with the vision to overcome short-term setbacks and lead Rx Processing Corp to a long-term success.
Compliance: To Investors, Clients, and Regulators when there was the suspicion by Rx Processing Corp that the Prescription Drug Division run by an acquired subsidiary company was "cooking the books" and taking other actions, the company suspended announcing financials and immediately took action to close the store-fronts engaging in those actions until the situation was understood and controls are in place to ensure accuracy, compliance and accountability. A nationally recognized law firm was commissioned to counsel on corporate actions that will be taken.
Efficacy: Rx Processing Corp only works with reputable companies that source prescription drugs and service diagnostic lab services. The actions of working as an ally and not an adversary of industry and government ensure the foundation of this company will solidify.
Safety: Safety is a word Rx Processing Corp and our customers live by. Safety is ensured by working only with brick and mortar storefronts or large benefit groups where people have access to speak to individuals while ordering. The company is dedicated to providing only government approved safe and affordable prescription drugs and diagnostic tests at FDA approved providers.
Internal organizational information, Open Door Policy for shareholders communications will enable all parties to fully understand issues at the core of Rx Processing Corp.
The announcement of closing the company-owned interests in Spring Hill, Florida was unavoidable and has created a property dispute. Dedicated to the preservation of the company owned interests, Peter Fiorillo, CEO Rx Processing Corp has hired a nationally recognized law firm to pursue this property dispute. Since the closing of the company-owned store-fronts and the property dispute with former employees George Donnelly and John Monticiollo, it has temporarily shut down the operations of the company in sourcing prescription drugs and has brought added obstacles to overcome.
The announcement of the hiring of Bill Folino as Vice President of sales and marketing was announced prematurely. The employment agreement was never signed by Bill Folino; corrective action is being implemented in this procedural mistake to ensure it never happens again. Bill Folino has since left Rx Processing Corp.
The announcement that Rx Processing Corporation Signs 2-Year Affiliate Agreement with Lab Pass Solutions had a line that the agreement will provide 100s of small- and medium-sized businesses access to prescription drugs was incorrect. Lab Pass Associates LLC, dba: Lab Pass Solutions, former principal Peter Matuch has been fired as president of the lab services division.
In closing, I appreciate all of the Investors patiently showing resolve as this company deals with the internal issues it is confronted with. I assure all investors my actions today and in the future are directed toward Assurances, Compliance, Efficacy, and Safety.
Thank you Peter Fiorillo CEO Rx Processing Corp
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 and 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. 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 http://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.