TORONTO, June 3, 2004 (PRIMEZONE) -- Pharmaglobe America Group, Inc. ("Pharmaglobe") (Pink Sheets:PMGA) is pleased to announce that it has awarded a contract to the well established American PharmaCare to market its wholly owned subsidiary Meds4mail.com online prescriptions throughout the U.S. American PharmaCare is a telecommunications and marketing firm with a successful track record in marketing discounted drugs to American consumers. American PharmaCare also has bilingual marketers who can converse with Spanish speaking Americans. The increase in market awareness is expected to generate an additional 30,000 prescriptions per month after a four month period, adding to PMGA's already established current monthly prescription base. This new source of demand, coupled with Meds4mail.com's current client base, will push total revenues to approximately $75-100 million in the next fiscal year.
In 2003, the U.S. market demand for prescription drugs was estimated at $3.8 billion.
Meds4mail.com's primary target market is non-insured U.S. citizens and Employer-Based health care programs.
In 2003, there were approximately 60 million non-insured Americans. Meds4mail.com forecasts capturing 0.0001% per annum of the $3.8 billion prescription drug market. Capturing this percent of this market will equate to approximately $50,000,000 net sales.
Meds4mail.com's experienced management have secured partnership agreements with major purchasing clients such as the Alliance of Retired Americans (Pennsylvania Chapter), which comprises 10 individual unions with a total of 250,000 members.
About Pharmaglobe America Group, Inc.
Pharmaglobe is a publicly traded company quoted on the U.S. Pink Sheets: PMGA. Pharmaglobe's wholly owned (100%) subsidiary Med4mail.com Inc. is a pharmaceutical distributor of discount online pharmaceuticals.
Innovative in outlook, Pharmaglobe has hedged its risk to include a diversed investment portfolio. To date, Management has diversified its investments into a joint-venture project with The Island of Dominica Water and Sewage Authority (Dowasco). In November 2003, a 25-year licensing agreement was signed to extract, distribute, and market bulk and bottled water with 15-75 ppm solids.
The bulk water project is currently operational and profitable. Development of the bottled water plant facility on a UNESCO World Heritage Site is currently under construction and is scheduled for completion and commencement of operations by March 2005.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts and may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made and involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, and the ability to fund operations and changes in consumer and business consumption habits and other factors over which America Pharmaglobe Group, Inc. has little or no control.
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