RxElite Announces Launch of Generic Sevoflurane

MERIDIAN, Idaho, July 23 /PRNewswire-FirstCall/ -- Southridge Technology Group, Inc. announced that its wholly owned operating subsidiary, RxElite Holdings, Inc., a developer, manufacturer, and marketer of specialty generic prescription drug products, reports its successful launch of the modern generic anesthetic, Sevoflurane (trade name Sojourn(TM)), and targets a $400M US market opportunity. RxElite is the exclusive commercial partner of Sojourn(TM) (Sevoflurane) in the US for Minrad International Inc. (Minrad) , who announced in May that the U.S. Food and Drug Administration had given its approval to market Sojourn(TM), its generic version of Sevoflurane.

"Our relationship with Minrad and sales of Sojourn(TM) are a perfect fit for our business strategy," commented Daniel Chen, Chairman and CEO of RxElite Holdings, Inc. "Our business strategy focuses on three key tenets, to: serve specialty generic segments; employ low cost manufacturing; and deliver unparalleled customer service." RxElite currently markets three anesthetic gases in the US in partnership with Minrad: Sevoflurane, Isoflurane, and Enflurane.

According to IMS data, the U.S. Sevoflurane market has grown 11% per year for the last three years (in number of units), and RxElite believes the anticipated continued market growth (in units) will provide a strong growth opportunity for the company in this specialty market. RxElite is the third entrant into the US Sevoflurane market behind Abbott Labs and Baxter.

About Sevoflurane (Sojourn(TM))

Sevoflurane is the leading anesthetic gas used today in modern anesthesiology due to ease of administration and rapid clearance from the body after administration. Sevoflurane is the best selling anesthetic gas worldwide, with a US market size of approximately $400 million. Manufacturers include Abbott Labs, Baxter, and now Minrad

About RxElite Holdings, Inc.

RxElite Holdings, Inc. develops, manufactures, and markets generic prescription drug products in specialty generic markets. These markets include products in the areas of anesthesia, sterile liquid dose drugs (including respiratory inhalation drugs, ophthalmics, and injectable drugs), and transdermal patch products. The full details of the transactions described in this press release can be found in our filings with the Securities and Exchange Commission.

About Minrad International, Inc.

Minrad International, Inc. is an interventional pain management company with real-time image guidance and anesthesia and analgesia product lines. The real-time image guidance products facilitate minimally invasive surgery especially for pain management and have broad applications in orthopedics, neurosurgery, and interventional radiology. These devices enable medical professionals to improve the accuracy of interventional procedures and reduce radiation exposure. MINRAD International also manufactures and markets generic inhalation anesthetics for use in connection with human and veterinary surgical procedures. The company is developing a drug/drug delivery system for conscious sedation, which, similar to nitrous oxide in dental surgery, provides a patient with pain relief without loss of consciousness. Additional information can be found at the company's website, http://www.minrad.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause the our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

Contact: Corporate Information Phone: (208) 288-5550 Toll Free: (800) 414-1901 Fax: (208) 288-1191 Investor Relations Craig Bird, 215-885-4981 CHBird@segue.biz Segue Ventures LLC

RxElite Holdings, Inc.

CONTACT: Corporate Information of RxElite Holdings, Inc., +1-208-288-5550,or Toll Free, 1-800-414-1901, or Fax, +1-208-288-1191; or Investors, CraigBird of Segue Ventures LLC, +1-215-885-4981, CHBird@segue.biz, for RxEliteHoldings, Inc.

Web site: http://www.rxelite.com/