SAVANNAH, Ga., Feb. 15, 2011 (GLOBE NEWSWIRE) -- 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
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