POMPANO BEACH, Fla., Oct. 24, 2006 (PRIMEZONE) -- MEDirect Latino Inc. (Pink Sheets:MLTO) (www.medirectlatino.org), the first national provider of direct-to-consumer Medicare reimbursed medical products focused exclusively on chronic diseases afflicting the Hispanic community, today announced that the Board of Directors, coupled with a majority of the Company's shareholders, voted to cancel the Class A Common Share issuances. The Class A Common Share carried a 10-1 voting advantage to a Common Share of the Company. Voting to cancel the Class A Common Shares were holders and Founder and President/CEO, Ms. Debra L. Towsley, Founder and EVP/Chairman, Mr. Raymond Talarico and Company COO, Mr. Charles W. Hansen III, and further carried by a majority of shareholders. The decision to cancel the issuance of the "super voting" shares was made to further align the management of the Company with shareholders and strategic relationships.
Mr. Raymond Talarico, Chairman and EVP, stated, "We have been sensitive to the message the issuance these shares might have given our shareholders and the market. Based on the direction of the Company and the strength of relationships interested in participating with management to take MEDirect Latino to the next level, we felt it was important to send a clear message that we are aligned with our shareholders and management has no intentions of becoming entrenched."
ABOUT MEDIRECT LATINO:
MEDirect Latino (Pink Sheets:MLTO) (www.medirectlatino.org) is the first national provider of direct-to-consumer Medicare reimbursed medical products focused exclusively on chronic diseases afflicting the Hispanic community. MEDirect Latino is rapidly growing and uniquely positioned to service the Hispanic community in the United States and Puerto Rico. MEDirect is the only company currently positioned to serve the U.S. Hispanic healthcare market as a direct-to-consumer Medicare provider on an authentically national level. Type II diabetes was targeted because of its unique status within the Medicare reimbursement regime and due to its high degree of correlation to other chronic conditions such as high blood pressure and heart disease. These and other conditions represent considerable future market potential, MEDirect will scale its model by leveraging its existing client base and infrastructure in introducing new products and services to existing customers as they are identified.
The MEDirect Latino Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1873
Safe Harbor Disclosure:
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.