SAVANNAH, Ga., Feb. 14, 2011 (GLOBE NEWSWIRE) -- The acquisition of Palmetto by MIT Holding Inc. (OTCQB:MITD) brings a dynamic jump in revenue to its continually growing number of company 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 finalized it's agreement to acquire one hundred Percent (100%) of the issued and outstanding equity interests of Palmetto Long Term Care Pharmacy, LLC. (PLTC).
MITRX Corporation is now 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 PLTC, "MITRX is excited about the new opportunity for our Company and its future."
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.
PLTC's chairman Lancelot D. Wright issued the following statement regarding the transaction of PLTC to MIT, "Completing the transaction between Palmetto and MITRX is the most positive news for the future of Palmetto."
MIT Holding, Inc. is looking forward to establishing it's base for long term growth in 2011 and beyond, with more acquisitions being announced in the near future as they come to fruition.
About MIT Holding, Inc.
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 which eliminates the mosquito that is the carrier of Malaria and Dengue Fever, Durable Medical Equipment (DME) and MIT Ambulatory Care Center (Ambulatory Care). More information can be found at .
This press release may contain forward-looking statements, including, but not limited to, statements regarding MIT's products and their related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in MIT's filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. MIT undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
CONTACT: Walter H.C. Drakeford 703-623-1393