TAMPA, Fla., Dec. 30, 2004 (PRIMEZONE) -- Rx Processing Corporation (Pink Sheets:RXPC) announces today that it has signed a Letter of Intent (LOI) with First Line Pharmacy LTD. Under the terms of the LOI, Rx Processing Corp. and First Line Pharmacy LTD., a Canadian based Corporation, have agreed to merge their operations.
First Line Pharmacy LTD (a Canadian Company) was established in 2003 as a mail order pharmacy that sends United States citizens prescriptions drugs at low cost Canadian Government controlled prices. First Line Pharmacy, started by Greg Rudy, represents 9 storefront affiliates locations with 2004 year end sales volume over $2.9 million. The company has positioned itself to be the mail order pharmacy for large organizations by maintaining strong supply lines that reach into Europe and India while term licensing the company's proprietary technology strategic partners located throughout Canada.
Greg Rudy, President of First Line Pharmacy, has over 14 years in retail pharmacy with a large chain drug store and brings tremendous knowledge and experience in this industry as proven by his remarkable results; built a mail order pharmacy from the ground floor, developed proprietary technology to bring together independent pharmacies to fulfill US citizens prescription drug orders and maintains strong prescription drug supply lines from around the world. Greg Rudy is not your average pharmacist, he is a man with vision and the tenacity to succeed.
Peter Fiorillo, CEO of Rx Processing commented, "This merger strategically positions Rx Processing to immediately increase monthly sales to over $900,000 dollars US. Rx processing upon merger will continue to be cash flow positive without holding any major outstanding debt. Management believes that integrating pharmacy into Rx Processing Corp. and directly fulfilling prescription drugs under our private label will solidify the company as the lowest cost provider of prescription drugs in the industry."
Americans who have no prescription insurance coverage have turned to Rx Processing, which offers FDA approved American generic and low-cost Canadian brand name drugs. Rx Processing's state-of-the-art technology finds the best prescription drug prices for these customers by sending their prescriptions to licensed pharmacies to be filled. Rx Processing provides access to prescription drugs for the 40 million Americans without prescription drug coverage that spend billions of dollars on their prescription drugs per year.
Rx Processing is rapidly becoming a market leader in providing prescription drugs to U.S. Citizens, corporations, unions, and prescription benefit plans through licensed pharmacies in the United States and Canada. The Company provides access to over 1,500 approved name brand and generic medications ready for distribution in the U.S. market through its Company owned and operated storefront locations and over 130 affiliated storefronts. By utilizing Rx Processing, U.S. citizens can save up to 84% on their daily prescriptions. Ordering these reduced cost medications are available at the Company's affiliate retail storefronts and information about the company can be found at 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.