|By Marketwired .||
|July 16, 2014 01:30 PM EDT||
LOS ANGELES, CA -- (Marketwired) -- 07/16/14 -- MIT Holding, Inc. (OTCQB: MITD) completes its turn-around phase of operations. The re-organization began in fiscal year 2011, whereas all subsidiaries are now operating with objectives of a 32% net profit.
MIT Holding, Inc. eliminated millions in non-profitable revenues which fell into one of the two following categories:
- Revenues did not relate to the core business of the subsidiaries' niches.
- Revenues from core business products and services created a net loss.
Beginning January 1, 2014, revenues met the requirement of an average net of 32%. Future contracts, sales and services will be priced and marketed at the 32% standard.
CEO Walter Drakeford stated, "Any re-organization is a painful process. The hard decisions that had to be made impact not only the Company, but also shareholders. The responsibility of every publicly traded company is the fiduciary responsibility to its shareholders. We have come through the re-organization with a Company that now has strong, industry-respected management, and is lean and nimble enough to pivot and evolve, to meet the demands of the daily changes in the health care industry."
The MIT Holding, Inc. platform consists of the following:
- Expert legal, accounting advisory and staff educational services for the medical industry
- US compound pharmacy and international export licenses
- US intravenous infusion licenses for in hospital, in home, or in a fully staffed clinic.
- Durable Medical Goods from crutches to fully equipped hospital beds.
- Permanent staff of 8
- Medical professionals staff on call numbering more than 23
- Successfully beta tested business model with local community hospital.
- Contracts with major insurance carrier to meet their insurable needs.
- Renewable contract with one of the largest patient transition companies in the US.
- FDA Clinical Trail contract to coordinate, conduct and administer FDA clinical trials
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MIT Holding Corporation is a holding company, currently consisting of the following five wholly-owned subsidiaries: 1) Compound pharmacy licensed to distribute wholesale pharmaceuticals, 2) infusions services that administers and provides medical management services, and operates an ambulatory center for infusion therapies. 3) DME that sells and rent home medical equipment. 4) Offers expert legal, accounting, advisory, and educational services to physicians, medical centers, hospitals, small and large businesses, regarding the day to day changes of the Affordable Care Act, and 5) Travel and transportation services of medically challenged patients for both medical needs and personal pleasure travel.
Investment Bankers, Broker Dealers, contact Mr. William Nalley, [email protected], 305-515-8077
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements regarding beliefs, plans, expectations or intentions contain reasonable expectations, there can be no assurance that such beliefs, plans, expectations, intentions will prove to be accurate.
Mr. William Nalley