IRVINE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Assured Pharmacy, Inc. (OTC Bulletin Board: APHY) today announced it has consolidated the operation of its pharmacy located at 3822 S.E. Powell Blvd in Portland, Oregon. This pharmacy was opened under previous management, and is being consolidated into Assureds' 10196 SW Park Way pharmacy, which is also located in Portland. Consolidating the Powell Blvd pharmacy allows Assured to further leverage its existing infrastructure and is expected to result in reduced costs. Assured Pharmacy, Inc. is a specialty pharmacy providing customized services for individuals with and physicians treating chronic pain.
All remaining pharmacies, including the 3 inherited by current management, are well-situated, and on track to ultimately reach the annual revenue target of $5 million per pharmacy. The Powell Blvd location, while cash flow positive on an operating basis, does not have the appropriate demographics to meet current management's annual revenue target.
Assured's current management team seeks to locate pharmacies in areas where there are large numbers of targeted physicians in the vicinity of any prospective location. Assured is focused on obtaining its customers directly in a physician's office, creating a superior due diligence process, and affording Assured an important advantage in the marketplace for dispensing chronic pain medications.
"Having inherited 2 of our 3 Oregon locations, closing the Powell Blvd
location appropriately restructures our presence in the Portland market. We
are exploring other potential locations in the Oregon area, as well as in
other states. At this early stage in our growth, we believe we are able to
cherry pick the best opportunities for our new pharmacy locations. The
strength of our business model is in the financial metrics. We remain
committed to growing and developing retail pharmacies in locations in which
our careful due diligence indicates significant demand
|SOURCE Assured Pharmacy, Inc.|
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