PLANTATION, Fla., Feb. 8, 2006 (PRIMEZONE) -- MEDirect Latino Inc. (Pink Sheets:MLTO) (www.medirectlatino.org), the first national provider of direct-to-consumer Medicare reimbursed medical products focused exclusively on chronic diseases afflicting the Hispanic community, today announced that it had filed its Form 10 SB with the SEC. This is the first step in the Company becoming a fully reporting company, and upgrading its stock market listing to the NASD Electronic Bulletin Board and NASDAQ.
MEDirect Latino President, Ms. Debra L. Towsley, commented: "We are pleased to have achieved this milestone as a public company, which fulfills one of the commitments that we made to our shareholders as a method to enhance shareholders' value. We believe that this filing will be effective within a sixty-day time frame, and we will file our 10Q for our operating results for the quarter ending December 31, 2005 within the next 10 days. The Company will also file its Form 15c-2(11) with the NASD asking for an immediate listing on the Bulletin Board. Our other immediate goal is to obtain a listing on NASDAQ or other senior stock exchange before the close of our current fiscal year, which ends in June. We are pursuing an application for listing immediately with our advisors, and hope to file this application within the next few weeks. Our management team will be discussing our filing and our listing plans in our conference call with shareholders, brokers and analysts which will be held today at 4:15 PM."
Interested parties may hear the conference call by telephone.
To hear the conference call as it takes place:
Call 1-800-374-0113 in the United States or Canada or;
Call 1-706-758-9607 Internationally
To hear a recording of the call (available immediately following the call by telephone for 30 days):
Call 1-800-642-1687 in the United States or Canada or;
Call 1-706-645-9291 Internationally
Pin Code: 5020374 followed by the number key
About MEDirect Latino:
MEDirect Latino (Pink Sheets:MLTO) (www.medirectlatino.org) is the first national provider of direct-to-consumer Medicare reimbursed medical products focused exclusively on chronic diseases afflicting the Hispanic community. MEDirect Latino is rapidly growing and uniquely positioned to service the Hispanic community in the United States and Puerto Rico. MEDirect is the only company positioned to serve the U.S. Hispanic healthcare market as a direct-to-consumer Medicare provider on an authentically national level. The Company's current focus is the distribution of products for the treatment of Type II diabetes specifically due to the disproportionate impact and increasing diagnosis rate of diabetes within the US Hispanic population, noting an incidence of 120% higher than among non-Hispanic whites. Type II diabetes was also targeted because of its unique status within the Medicare reimbursement regime and because of its high degree of correlation to other chronic conditions such as high blood pressure and heart disease. These other conditions represent considerable future market potential that will allow MEDirect to efficiently scale its model by leveraging its existing client base and infrastructure.
The current Hispanic market for MEDirect's products is conservatively estimated at approximately $748MM in the continental United States. The size of the opportunity is understated by such figures as an estimated 1.2 million of the over 4.1 million Hispanics in the United States over 65 eligible to receive Medicare benefits are currently collecting these benefits with an estimate that over 1.4 million of those Medicare-eligible Hispanics have diabetes (implying a potential continental U.S. market for MEDirect products of approximately $1 billion).
Safe Harbor Disclosure:
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
The MEDirect Latino Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1873