LAS VEGAS, June 13, 2005 (PRIMEZONE) -- International Pharmacy Outlets, Inc. ("IPCY") (Pink Sheets:IPCY) today announced that it has entered into a Letter of Intent ("LOI") to acquire 100% of Load Hog Industries, Inc. ("Load Hog"). Under the terms of the Agreement, IPCY will operate "Load Hog" as a wholly owned subsidiary. Load Hog Industries, Inc. is a privately held, Pennsylvania-based company involved in the manufacture and marketing of The Load Hog(TM) (the "Device") patented dump truck conversion technology device and conversion kit.
The Device turns an ordinary pickup truck into a dump truck. Installed between the bed and frame of a pickup truck, this pneumatic mechanism weighs only 120 pounds, is invisible when not in use, is maintenance-free, and avoids the environmental threats and complexity associated with current hydraulic applications. The conversion kit Device is designed such that an individual truck owner or an authorized installing distributor can do the installation.
John Kowalski, President and founder of Log Hog Industries, Inc., said: "We hold the U.S. patents and worldwide rights to The Load Hog Device as well as any marketing and/or licensing rights. This new proposed relationship would allow us to properly capitalize on our investments. In addition, Load Hog Industries, Inc. can now begin to engage in developing several other additional products with similar market potential, all based on Load Hog Industries' existing patents and technologies."
Michael McCabe, President and CEO of IPCY stated, "We are delighted about the potential that our joint efforts will have in bringing The Load Hog to the fast-growing truck aftermarket segment. Our immediate focus would be to increase the commercial distribution and visibility of the core product and build brand recognition based upon the product's quality. This is the first project announced under IPCY's new business focus."
As previously disclosed, IPCY changed its business focus and implemented a new business model that it expects to enhance future shareholder value. The focus of that change is to identify developing businesses or product lines in which participation by IPCY would return increased value to IPCY's shareholders. Future candidates, like Load Hog Industries, Inc., are expected to be predominately private companies with strong core management. IPCY will acquire or gain a controlling interest in these qualified companies, working with management to profitably grow the business.
Safe Harbor: This release includes forward-looking Statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.