SAVANNAH, Ga., Feb. 22, 2011 (GLOBE NEWSWIRE) -- MITD (OTCBB:MITD) is pleased to report that after two recent acquisitions of Palmetto Long Term Care Pharmacy, LLC and National Direct Home Pharmacy, Inc., it has renegotiated its Loan Debt contract with Globank Corp., a private European Investment Firm. The debt, Five Hundred Thousand ($500,000.00) Dollars, formally sitting at a 60% interest per annum has been slashed by over three quarters of its original obligation yearly to a much more capable 14.9% including additional funding. This creates a substantially healthier working financial structure and potential for the future of MITD.OB and its subsidiaries. The New Term is for 36 Months with $1000.00 per month of principal reduction plus interest giving the Company a significant and immediate Cash flow advantage.
MITD Co-President and Co-Chairman, Walter C. Drakeford, comments on restructuring, "MITD is happy to have completed this renegotiation with Globank, which is part of an ongoing effort to reduce our debt and manage our business profitability."
The immediate effects of this Debt Reduction will put MITD in the market for further acquisitions, help foster significant growth in its multiple platforms of operation and secures a very positive future.
CONTACT: Walter C. Drakeford MIT Holding, Inc. 703-623-1393