FRISCO, Texas, May 9, 2013 /PRNewswire/ -- Assured Pharmacy (APHY:OTC Markets), a leading pharmacy group that specializes in providing prescription medications to sufferers of chronic pain, today announced plans to open two additional new stores in Denver and Boston this summer as part of a major expansion strategy.
Like all Assured Pharmacy stores, the new stores will operate on a compliance-based model to ensure strict control over the safe dispensing and delivery of controlled medications, as well as monitoring patients for all medications they receive. It also ensures compliance with the federal and state regulations and minimizes potential abuses.
Following the model of Assured's highly successful store opening in Kansas last year, the Denver and Boston stores will open with the support of physician groups. With a total cost under $300,000, the Kansas store was EBITDA positive in its sixth full month of operations and has a current annualized revenue run rate of $4 million. Last month, it became the first of Assured's stores to service 1,500 patients in a month, in only its 16th full month of operation, largely due to an expansion in target indications beyond chronic pain to include all chronic controlled medications.
"The landmark success of our Kansas store opening provides a replicable model by which we expect to double our revenues in the next two years," stated Robert DelVecchio, chief executive officer of Assured Pharmacy.
"In addition to the new stores currently under construction, we have identified and pre-marketed four additional locations and have the infrastructure to support a minimum of 12 stores with minimal increase in our corporate cost structure. This aggressive store-opening campaign, coupled with our strategy to accelerate patient intake at existing stores, will allow Assured to significantly increase its national footprint over the next three years."
About Assured Pharmacy, Inc.
Assured Pharmacy, Inc. is a growing provider of pharmacy services to patients and physicians in the treatment of chronic pain. Through its network of pharmacies, the Company predominantly dispenses highly regulated pain mediations to sufferers of chronic pain, while stringently adhering to federal and state reporting requirements for both patients and physicians. The majority of the Company's business is derived from repeat visits from its customer base of physician-referred chronic pain patients. The Company currently has four operating pharmacies which are wholly owned.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company's ability to increase revenue and profits in the current economic climate; the effect of changing economic conditions; lack of sufficient financing for opening new pharmacies; inability to manage growth; and changes in government regulations, controls and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Robert DelVecchio, CEO
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