Sharps Compliance Corp. Announces Purchase of Medical Waste Disposal Facility and Addition of Autoclave Technology
January 23 2008 - 9:00AM
PR Newswire (US)
- Increases medical waste disposal capacity and capabilities to
facilitate growth plans HOUSTON, Jan. 23 /PRNewswire-FirstCall/ --
Sharps Compliance Corp. (OTC:SCOM) (BULLETIN BOARD: SCOM) ("Sharps"
or the "Company"), leading providers of cost-effective disposal
solutions for small quantity generators of medical waste, announced
the purchase of its currently leased disposal facility in Carthage,
Texas. The purchase includes an incinerator with a maximum capacity
of thirty (30) tons per day, a 12,000 square foot building and 4.5
acres of land. The Company, through a subsidiary, has leased the
facility since June of 2000. The facility is currently permitted to
treat eleven (11) tons per day of waste. Additionally, the Company
has executed a purchase order for a state-of-the-art autoclave
system and technology capable of treating up to seven (7) tons per
day of medical waste at the same facility. Autoclaving is a process
that treats medical waste with steam at high temperature and
pressure to kill pathogens. An autoclave is environmentally cleaner
and is a less costly method of treating most medical waste versus
traditional incineration. The new autoclave is capable of treating
not only the Sharps Disposable by Mail System(R) products but also
traditional medical waste from large quantity generators such as
hospitals. The autoclave is expected to be operational by the
summer of this calendar year. With the addition of the autoclave,
the Company believes it will own one of only approximately ten (10)
permitted commercial disposal facilities in the country capable of
treating all types of medical waste. Dr. Burton J. Kunik, Chairman,
President and Chief Executive Officer of the Company, commented,
"We believe the purchase of this incineration facility coupled with
the addition of the autoclave technology further solidifies our
leadership in the industry and expands the disposal services and
capabilities that we can provide to all small quantity generators
of medical waste. The purchase of the Carthage facility and
addition of the autoclave technology also further strengthens the
vertical integration of the Company." Sharps is also expanding its
ability to dispose of unused medications and expired pharmaceutical
waste including controlled substances. The Company is in the
process of installing Drug Enforcement Agency (DEA) approved
equipment necessary to obtain DEA certification for the disposal of
controlled substances. It believes that it will be in a position to
accept unused medications and expired pharmaceutical waste,
including controlled substances, for destruction within the next 30
to 60 days. The total cost of the incineration facility purchase,
addition of the autoclave technology and other planned improvements
at the Carthage, Texas facility is estimated to be approximately
$900,000 and expected to be incurred in the third and fourth
quarters of fiscal year 2008. Dr. Kunik added, "The autoclave
technology enables us to apply an environmentally cleaner and less
costly alternative technology to treat medical waste. The expansion
plans augment the continued build out of our operating
infrastructure to ensure our long-term ability to serve prospective
customers. The ability to diversify our revenue stream also expands
our growth potential." About Sharps Compliance Corp. Headquartered
in Houston, Texas, Sharps Compliance is a leading provider of
cost-effective disposal solutions for small quantity generators of
medical waste. 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 Company also offers a
number of products specifically designed for the home healthcare
market. Sharps Compliance focuses on targeted growth markets such
as the pharmaceutical, retail, commercial, and hospitality markets,
as well as serving a variety of additional 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 in the community setting. As a fully integrated
manufacturer 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 the company for strong future growth.
More information on Sharps Compliance can be found on its website
at: http://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, managing regulatory compliance and/or other factors that
may be described in the company's annual report on Form 10-KSB,
quarterly reports on Form 10-QSB 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. For more information
contact: - OR - David P. Tusa Tammy Poblete Executive Vice
President, Chief Financial Kei Advisors LLC Officer & Business
Development Investor Relations Phone: (713) 660-3514 Phone: (716)
843-3853 Email: DATASOURCE: Sharps Compliance Corp. CONTACT: David
P. Tusa, Executive Vice President, Chief Financial Officer &
Business Development of Sharps Compliance Corp., +1-713-660-3514, ;
or Tammy Poblete, Investor Relations of Kei Advisors LLC,
+1-716-843-3853, , for Sharps Compliance Corp. Web site:
http://www.sharpsinc.com/
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