Attis Industries Acquires Pharmaceutical Destruction Business
Published: Aug 08, 2018 By GLOBE NEWSWIRE
New Service Capability Adds Value for Existing Attis Healthcare Customers
MILTON, GA, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today announced that it closed the acquisition of Quality Rx Returns LLC (“Quality Rx”), a full service provider of pharmaceutical reverse logistic solutions, serving pharmacies, hospitals, and healthcare providers nationwide.
Attis currently offers blood and toxicology panel, molecular diagnostic, and pharmacogenetic testing services for over 200 physician clinics, long-term care facilities, hospitals, and laboratories located from California to Florida. With this acquisition, Attis will be able to offer these same partners the additional value of controlled and non-controlled pharmaceutical destruction and redistribution.
Attis plans to grow the Quality Rx business through its existing robust sales infrastructure, including its recently announced partnership with a new nationwide representative group. The Company’s potential network now includes the 4,749 hospitals and 45,000 long term care facilities located in the United States. In addition, the Quality Rx acquisition is expected to expand the Company’s service capability for large quantity generators and manufacturers of pharmaceutical waste by the third quarter of 2018, and enable the Company to expand its licensing to include high margin services for the return and destruction of DEA pharmaceuticals.
“We strive to decrease costs and improve patient care for our clients through unique synergies as embodied by this acquisition,” said Jeff Cosman, the Company’s Chief Executive Officer. “I’m excited to be able to offer an additional value-added service to our myriad healthcare clients and partners.”
The addition of the Quality Rx pharmaceutical solutions provider will add to the Company’s Healthcare division’s company-managed facilities, which already include fully operational hospital and company-owned laboratories.
Cosman added: “Partnering with Attis will mean advancing patient care towards technology-driven multi-faceted solutions. Our network continues to grow and our medical waste business, as with all of our lines of business, is led by experienced industry experts committed to execute on our clear mission of sustainable growth for our shareholders. We’re excited to bring on the new capabilities and we look forward to using them to generate additional value for and from our existing and new clients.”
About Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a diversified innovation and technology holding company defined by its commitment to servicing its clients with unwavering respect, fairness, andcare. We are focused on finding and implementing solutions for the resource needs and challenges of our customers with a fundamental objective to seek rewarding solutions through technology and innovation. Our healthcare business centers on creating community-based synergies through collaborations and software solutions. Our innovation business strives to create value from recovered resources. For more information, visit: www.attisind.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is definedin the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “would” or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to continue to meet the listing requirements of NASDAQ; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company’s go-forward business, and the risks identified and discussed under the caption “Risk Factors” in the Attis Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2018 and the other documents Attis files with the SEC from time to time.There will be events in the future, however, that Attis is not able to predict accurately or control. Attis’ actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’ actual results to differ materiallymay emerge from time to time, and it is not possible for Attis to accurately predict all of them. Any forward-looking statement made by Attis in this press release speaks only as of the date on which Attis makes it. Attis undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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