Shareholder Update for the First Half of 2013
Addison, TX, August 20, 2013 – (Accesswire) – HASCO Medical, Inc. (HASC), www.HascoMed.com, a Company that conducts sales of handicap accessible vans, parts, service and rental operations in sixteen locations from Maine to Florida and sales of medical equipment and supplies in Florida announced today their update on various items during the first six months of 2013.
- HASCO Medical, Inc.’s net revenues increased roughly $5.5 million over the first six months versus the same six months for last year.
- New initiatives on our inventory have really improved over the last six months. HASCO’s quality of aged inventory has reduced significantly. This change has increased our inventory turns 20%-25% and reduced our interest expense.
- We are pleased to announce the launch of www.WeDeliverFreedom.com as an innovative resource for people needing wheelchair accessible transportation. The website serves several purposes all designed to make getting mobility products even easier with links to wheelchair van rentals, financing, and our new innovative crowdfunding platform. Hasco Medical is the first in the mobility industry to leverage the power of crowdfunding successes like Kickstarter[TM] and Indiegogo[TM] into a means for more people to get the financial assistance they need to afford wheelchair accessible transportation. WeDeliverFreedom.com directly connects people in need with those willing to help fund their purchase using the crowdfunding platform from RocketHub[TM].
- With the addition of Rick Fountain as Vice President of Service, the company is continuing to implement new policies and procedures in our service departments. These changes should improve our margins, reduce our parts shrink and improve safety for our service technicians.
- The Auto Mobility acquisition has continued to move forward and has finished final audit. We are pushing to still close the deal by Sept. 1st, 2013 if all possible. We will be releasing all the pertinent information as soon as the deal is closed.
- HASCO Medical has finalized the liquidation and closure of Southern Medical and Mobility, Inc. This move should help improve the overall G&A of the company. This business was no longer in alignment with our go forward strategy in the auto division.
“We continue to find ways to grow the company while still sticking to our original concept which is consolidating the industry. As we continue to move forward we will look for a few things, synergies to help us be more profitable, the right team members to help us grow and service our customers and finally to make as many people aware of what we do as humanly possible,” states Hal Compton CEO of HASCO Medical, Inc.
About HASCO Medical, Inc.
HASCO Medical (www.HascoMed.com) provides products and services that dramatically improve the quality of living for its customers. The Company consists of Ride-Away (www.Ride-Away.com), Mobility Freedom (www.MobilityFreedom.com) and Wheelchair Vans of America (www.wcvans.com) on the Van Conversion/Rental side of the company and Southern Medical and Mobility, Inc. (discontinued operation) and Certified Medical on the durable medical equipment side.
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
HASCO Medical, Inc.
15928 Midway Rd.
Addison, TX. 75001
SOURCE HASCO Medical, Inc.