LARGO, Fla., Jan. 12 /PRNewswire-FirstCall/ -- Innovative Companies, Inc. today announced that Belcher Pharmaceuticals, Inc, wholly owned subsidiary of Innovative Companies, Inc., has filed a patent on a novel method to stabilize the drug levothyroxine. Levothyroxine, sold under the brand names Synthroid(R) (Abbott Labs) and Soloxine(R) (King Pharmaceuticals), is used for humans as well as pets to treat thyroid-related conditions. According to NDCHealth, the combined 2002 retail sales for all levothyroxine sodium tablet products was approximately $1.1 billion. Due to unique potency problems, millions of doses of this drug, from several manufacturers, have been recalled. However, implementing Belcher's novel method, stability of levothyroxine drug can be substantially improved. Belcher will be commencing commercial production of levothyroxine sodium, the animal version, during January 2004. In addition, substantial progress has been made on the human version of this drug. We are working on the Abbreviated New Drug Application ("ANDA") filing of this drug with the FDA; the filing and obtaining an ANDA allows Belcher to manufacture and sell the human version of this drug. "This is the second drug patent filed by Belcher. Filing these patents demonstrates the commitment of Innovative Companies towards the generic drug line. It also demonstrates the innovativeness and the technical capabilities of the Company's drug development group," says Dr. Kotha Sekharam, President and inventor of these patents.
About Innovative Companies, Inc.
Innovative Companies, Inc. manufactures, packages, repackages and distributes a wide array of health-related products. Innovative Companies, Inc. is comprised of the contract manufacturing entity, Innovative Health Products and its two wholly owned subsidiaries, Belcher Pharmaceuticals and Breakthrough Engineered Nutrition. Innovative Health Products custom manufactures high-quality nutraceuticals, dietary supplements and vitamin supplements. Belcher Pharmaceuticals is an FDA-registered plant that manufactures over-the-counter drugs and repackages generic RX drugs. Breakthrough Engineered Nutrition markets and distributes its own proprietary line of branded convenience foods for the low-carb and low-glycemic lifestyles. Breakthrough's brands, Lean Protein and CarbSlim are distributed nationwide and are found in both mass retail and specialty outlets. For more about Innovative Companies, Inc., go to our websites at http://www.onlineihp.com/, http://www.leanprotein.com/ and http://www.carbslim.com/.
This press release contains certain forward-looking statements, including those regarding the company and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to the company's management as of the date hereof, and actual results may vary based upon future events, both within and without management's control.
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Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Innovative Companies, Inc. (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the Company's growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements. Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment related to the health care and nutraceutical industry; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales and (vi) its customers' willingness to accept its Internet platform in the future. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the headings "Business," and "Management's Discussion and Analysis of Financial Conditions and Results of Operations" in this Form 10-KSB as of and for the year ended March 31, 2003 which was filed on June 30, 2003. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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Innovative Companies, Inc.