Expansion and Operation of its Hospital Laboratory Will Immediately Contribute Revenue
MILTON, GA, Oct. 08, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company emphasizing renewable fuels, bio-based plastics, healthcare and communications infrastructure, today announced that it has entered into an agreement with NorthCrest Medical Center, a community hospital located in Springfield, Tennessee. Attis Healthcare, a subsidiary of Attis Industries, will assist in the expansion and operation of their existing state-of-the-art hospital laboratory and provide outreach services within the community. Attis estimates that the laboratory will be able to test upwards of 1,000 specimens per month and the Company expects to generate revenue and cash flow almost immediately from this partnership. While Attis cannot predict revenues associated with reimbursements, its diligence into the lab service market supports annual revenue in the range of $4-$7 million for rural markets, with populations, lab build out and beds similar in size to NorthCrest.
Laboratory services are an integral part of healthcare and a key component in the battle against chronic disease. The ability to provide excellent service to providers can differentiate high quality laboratories from other less qualified laboratories. Additionally, in today’s healthcare market, community hospitals must provide optimal patient care while working to improve hospital economics through partnerships and outsourcing.
The partnership between Attis Healthcare and the hospital will not only result in a profitable, highly functioning hospital laboratory that improves the hospitals economics, but it will also provide improved health care for the Springfield community and surrounding areas. The improved program is set to begin immediately, allowing the hospital and community to begin reaping the benefits of the improved program as soon as October. “NorthCrest is a premier hospital with a broad offering of services. We strive to provide our community, both patients and providers, with the highest quality service possible, and improving our laboratory outreach program helps us accomplish that goal,” stated Randy Davis, CEO of NorthCrest Medical Center. “Further, in today's healthcare market, it is important for community hospitals to find new, innovative ways to improve hospital economics through partnerships and outsourcing and our partnership with Attis allows us to do just that,” stated Davis.
"The agreement with NorthCrest Medical Center is another in our line of partnerships with rural hospitals as we continue to expand our healthcare business," stated Jeff Cosman, CEO of Attis Industries. “We pride ourselves on our ability to improve healthcare for communities, particularly rural communities, while partnering with outstanding hospitals like NorthCrest. We will continue to deliver improved patient care to underserved communities across the nation,” stated Cosman.
“This latest partnership is one of the final steps we have been working on to complete our core infrastructure in Attis Healthcare. This contract is a significant milestone as it will immediately generate revenue and cash flow for the Attis Healthcare Division. Attis Healthcare remains optimistic it will receive our Medicare license for our Oklahoma lab in October; the build out which was completed at the end of August with the announcement of Attis receiving our CLIA license. Attaining the Medicare license is the final step of securing our core assets we forecasted internally as our baseline; the results of which will drive revenue and cashflows for the fourth quarter as they ramp up. Additionally, this relationship with NorthCrest gives our business model of partnering with rural hospitals credibility to the market as we increase the number of partnerships in 2019. Attis Healthcare is forecasting 10-12 new partnerships in 2019. With these assets and relationships in place expect significant growth in revenue and cash flow,” Cosman continued. The management team is extremely focused on delivering significant success for the Company, as outlined during our shareholder call. While the focus of the third quarter was achieving significant restructuring results of the balance sheet in the public company, the fourth quarter will be about building the Company’s revenue once again,” finished 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, which include renewable fuels, bio-based plastics, healthcare and communications infrastructure. 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.