MIT Holding, Inc., Through Its Subsidiary, MITRX, Has Acquired National Direct Home Pharmacy, Inc.
February 15 2011 - 10:20AM
Full acquisition of National Direct Home Pharmacy Inc. by MIT
Holding, Inc. (OTCBB:MITD) adds even more strength to its already
growing Pharmacy divisions.
As of February 4, 2011, MITRX Corporation, a South Carolina
corporation and subsidiary of MIT Holding, Inc. ("MIT" or the
"Company"), is happy to announce that it has now officially
finalized its agreement to acquire one hundred Percent (100%) of
the issued and outstanding equity interests of National Direct Home
Pharmacy, Inc. (NDH).
MIT Holding, Inc. adds to its recent acquisition of Palmetto
Long Term Care Pharmacy by acquiring NDH to its growing Pharmacy
divisions. MIT saw the opportunity to combine the full force of
both companies, creating a fully operating home delivery/mail order
pharmacy with annual gross sales of approximately Eighteen Million
Dollars ($18,000,000). MIT Holding, Inc.'s Co-Chairman and
Co-President, Walter H.C. Drakeford, issued the following statement
regarding the acquisition of NDH: "The joining of Companies will
fulfill MITRX's plans for its platform of pharmacies."
The acquired company adds to assets including, but not limited
to, licenses, government awards, private nursing home contracts,
large individual customer bases and pharmaceutical equipment. NDH
Chairman Lancelot D. Wright issued the following statement
regarding the transaction of NDH to MIT Holding, Inc.: "This merger
was what we had been looking for to move our Company forward."
With the acquisition of NDH, MIT Holding, Inc. continues to
bolster its already strong position in the home delivery/mail order
pharmacy industry. Future acquisitions will absolutely be
considered if it fits the company's plan for growing in this
sector.
MIT Holding, Inc. (MIT) is a holding company. The Company,
through its three wholly owned subsidiaries, distributes wholesale
pharmaceuticals, administers intravenous infusions, operates an
ambulatory center where therapies are administered, and sells and
rents home medical equipment. The Company's subsidiaries include
MIT International Distribution, Inc. (MIT International), Medical
Infusion Technologies, Inc. (Infusion), and MIT Ambulatory Care
Center, Inc. (Ambulatory). The Company has four principal operating
segments: Medical Infusion Technologies (MIT), MIT Provector, which
is a patented device that eliminates the mosquito, the carrier of
Malaria and Dengue Fever, Durable Medical Equipment (DME) and MIT
Ambulatory Care Center (Ambulatory Care). More information can be
found at www.mitholdinginc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements,
including, but not limited to, statements regarding MIT's products
and their related market potential. Forward-looking statements may
be identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," or "continue" and variations
or similar expressions. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
risks and uncertainties discussed in MIT's filings with the
Securities and Exchange Commission, which factors are incorporated
herein by reference. Readers are cautioned not to place undue
reliance on any of these forward-looking statements. MIT undertakes
no obligation to update any of these forward-looking statements to
reflect events or circumstances after the date of this press
release or to reflect actual outcomes.
CONTACT: Warren H.C. Drakeford
703-623-1393