HOUSTON, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), a leading provider of cost-effective disposal solutions for medical waste and dispensed unused patient medications generated outside the hospital setting, announced today that it has entered into an exclusive agreement with the Iowa Pharmacy Association ("Association") to provide its RxTakeAway(TM) line of products to more than 300 pharmacies in the state of Iowa.
As of September 1, 2009, the agreement will be effective for three years and is automatically renewable for one-year terms thereafter. The Association is responsible for placing orders for pharmacies to purchase the various RxTakeAway(TM) products, and Sharps will handle the fulfillment and ship products directly to the participating Iowa pharmacies. In addition, the Association will be an active partner in promoting the RxTakeAway(TM) solution to other States. The initial shipment of the RxTakeAway(TM) system was distributed to over 300 independent and regional chain pharmacy locations. This program is funded by an agency of the State of Iowa.
Dr. Burton J. Kunik, Chairman and Chief Executive Officer of Sharps, commented, "The Iowa Pharmacy Association and its members readily recognized the value of our RxTakeAway(TM) line of solutions in addressing the misuse of dispensed unused patient pharmaceuticals and over-the-counter products and the adverse effects that improper disposal has on our environment. We are proud to be supporting their efforts to ensure their products are properly handled when patients have completed their dosages, changed prescriptions, or for other reasons must dispose of their medications. This agreement is further testimony that Sharps Compliance is becoming a leading solutions provider for the proper disposal of unused dispensed medications generated outside of hospital and large medical facility settings. Additionally, this type of program could be the model for the country as it relates to unused dispensed medication disposal for patients and customers of independent and regional pharmacy chain stores."
With as many as 40% of the dispensed medications going unused associated with the approximate 4 billion prescriptions written every year in the United States, the Company estimates over 200 million pounds of dispensed pharmaceuticals are adversely effecting our rivers, streams, municipal water systems and also placing our citizens at risk for accidental poisonings. With its solution for unused patient medications, Sharps is in a unique position to address these challenges.
RxTakeAway(TM) facilitates the proper disposal of unused patient medications and is designed for individual consumers, community or mail-order pharmacies, alternate care facilities and community programs. This solution consists of a variety of systems (including a USPS-approved special-use envelope to 10 and 20 gallon return systems). All systems include return packaging with pre-paid postage to the Company's treatment facility where the systems are received by licensed law enforcement for appropriate treatment, tracking and reporting.
About Sharps Compliance Corp.
Headquartered in Houston, Texas, Sharps Compliance is a leading provider of cost-effective disposal solutions for medical waste and dispensed unused medications generated outside the hospital setting. The Company's flagship product, the Sharps Disposal by Mail System(R), is a cost-effective and easy-to-use solution to dispose of medical waste such as hypodermic needles, lancets and any other medical device or objects used to puncture or lacerate the skin (referred to as "sharps").
The Sharps(R)MWMS(TM), a Medical Waste Management System designed to be an integral part of governmental and commercial emergency preparedness programs, is a comprehensive medical waste solution which includes an array of services and products necessary to effectively collect, store and dispose of medical waste outside of the hospital setting. The System, intended for rapid deployment, features the Sharps Disposal By Mail System(R) products combined with warehousing, inventory management, training, data and other services necessary to provide a comprehensive solution in high demand environments.
The Company's newest offering, RxTakeAway(TM), is designed for community or mail-order pharmacies, alternate care facilities and community programs, and facilitates the proper disposal of unused patient medications. This solution consists of a variety of sizes of containers (from a special-use envelope to 10- and 20-gallon products) and return packaging with pre-paid postage to the Company's treatment facility. The Company recently introduced its proprietary tracking system, DrugTracer(TM), to document unused patient medication products. The RxTakeAway(TM) is also an additional component option for the Sharps(R) Medical Waste Management System(TM).
Sharps Compliance focuses on targeted growth markets such as federal, state and local governments, the pharmaceutical industry, as well as home health care, retail and professional markets. Sharps is a leading proponent and participant in the development of public awareness and solutions for the safe disposal of needles, syringes and other sharps as well as unused pharmaceuticals in the community setting.
As a fully integrated medical waste management company providing customer solutions and services, Sharps Compliance's solid business model, with strong margins and significant operating leverage, and early penetration into emerging markets, uniquely positions it for strong future growth.
More information on Sharps Compliance can be found on its website at: www.sharpsinc.com
Safe Harbor Statement
The information made available in this press release contains certain forward-looking statements which reflect Sharps Compliance Corp.'s current view of future events and financial performance. Wherever used, the words "estimate", "expect", "plan", "anticipate", "believe", "may" and similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties and the company's future results of operations could differ materially from historical results or current expectations. Some of these risks include, without limitation, the company's ability to educate its customers, development of public awareness programs to educate the identified consumer, customer preferences, the Company's ability to scale the business and manage its growth, the degree of success the Company has at gaining more large customer contracts, managing regulatory compliance and/or other factors that may be described in the company's annual report on Form 10-K, quarterly reports on Form 10-Q and/or other filings with the Securities and Exchange Commission. Future economic and industry trends that could potentially impact revenues and profitability are difficult to predict. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results express or implied therein will not be realized.