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Press ReleaseSource: ITIS Holdings Inc.
PharmHouse Inc. Executes Agreement for Expansion
Thursday January 16, 7:03 am ET
HOUSTON--(BUSINESS WIRE)--Jan. 16, 2003--PharmHouse Inc., a wholly owned subsidiary of ITIS Holdings Inc. (OTCBB:ITHH - News), announced today that it has consummated a relationship with a local physicians group to provide exclusive pharmacy services to its Rosenberg, Texas, clinic. The clinic has a significant patient volume and provides services to an otherwise underserved population. This relationship will propel the use of the RightScript(TM) technology platform in a clinical setting with anticipated volume of over 2,000 prescriptions per month.
"As we begin the new year, this step is just the first of many in expanding PharmHouse's business," said Hunter M. A. Carr, chairman and chief executive officer of parent company ITIS Holdings Inc. Don Sapaugh, president of PharmHouse Inc., states, "Based upon a strategic plan developed in late December, this step will allow us to develop additional revenue streams from local physicians, institutions and specialty medicine practices in the area. Revenue projections from this agreement are anticipated to exceed $500,000 annually."
PharmHouse Inc. currently has two pharmacies actively in operation, with an additional two pharmacies scheduled to open by June 2003. While several physicians have signed agreements to participate in the company's beta testing of the RightScript(TM) technology platform, this agreement will expand its use significantly. In addition, PharmHouse works with assisted living/independent living facilities, residential treatment centers and group homes for the provision of their pharmacy needs. The company is in active negotiations for the sale of licenses to expand the RightScript(TM) product into several markets within Texas and other states.
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