SOURCE: Amexdrug Corporation

September 06, 2005 13:21 ET

Amexdrug Corporation Announces Settlement of Litigation and Other Matters

BEVERLY HILLS, CA -- (MARKET WIRE) -- September 6, 2005 -- Amexdrug Corporation (OTC BB: AXRX) announced today that it has settled the litigation filed against it in June 2003 in which the plaintiffs sought a finder's fee equal to 7.5% of the fully diluted shares of the Company and unspecified lost profits. Amexdrug paid $10,000 in exchange for a release of all claims and a dismissal of the plaintiffs' appeal. There is no longer any litigation pending against Amexdrug Corporation or its subsidiary, Allied Med, Inc., and all litigation settlement payments have been paid in full.

Jack Amin, the Company's President, said, "Now that we no longer have any pending litigation matters, we can focus our efforts on the business of the Company. I believe we are on the right track, and I see a good future for the Company."

About Amexdrug

Amexdrug's wholly owned subsidiary, Allied Med, Inc. was formed in October 1997 and is engaged in the pharmaceutical wholesale business of selling brand name and generic pharmaceutical products, over-the-counter drug and non-drug products, and health and beauty products. It distributes products primarily to independent pharmacies and also to small and medium-sized pharmacy chains, alternative care facilities and other wholesalers and retainers. It has a highly sophisticated computer system which provides high-quality service to its clients and a website, http://www.amexdrug.com which allows online orders.

Statements in this press release other than statements of historical face are "forward-looking statements." These statements relate to future events or the Company's future performance. Such statements are subject to certain risks and uncertainties, including competition, availability of products, and other risk factors identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgments as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.

Contact Information

  • Contact:
    Jack Amin
    CEO
    (310) 855-0475