SAVANNAH, Ga., May 24, 2011 (GLOBE NEWSWIRE) -- MIT Holding Inc. (OTCBB:MITD) announces that on May 11, 2011 it has executed a five year distribution agreement with Global Reach International Inc. Global Reach International will, over a period of five years, distribute 7.2 Million units of the ProvectorTM, MIT's technology that fights against mosquitoes, malaria and other mosquito-borne diseases such as Dengue Fever. This agreement will provide MIT with aggregate sales of $86.5 Million, resulting in a projected profit of $36 Million over the five year period. The contract is subject to the Nigerian government's approval which is in process.
William (Rocky) Parker, MIT's Co-Chairman and Co-President, issued the following statement: "MIT Holding Inc. announces with great pride, after the past number of years looking for distribution avenues, to have found Global Reach International, who are putting their resources behind this revolutionary product which will save many lives that are now suffering with a high fatality rate. This great product will help prevent the spread of Malaria and Dengue Fever, with the hope of eventually eliminating this dreadful disease."
About MIT Holding Inc.
MIT Holding, Inc. (MIT) is a holding company. The Company, through its four wholly owned subsidiaries, distributes wholesale pharmaceuticals, administers intravenous infusions, operates an ambulatory center where therapies are administered, sells and rents home medical equipment and owns and operates retail/mail order pharmacy under state contracts and private assisted living home contracts. 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 five principal operating segments: Medical Infusion Technologies (MIT), MIT Wholesale (Wholesale), Durable Medical Equipment (DME), MIT Ambulatory Care Center (Ambulatory Care) and MITRX (Retail Pharmacies). 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 C. Drakeford MIT Holding, Inc. 703-623-1393