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MINRAD International, Inc. Announces Termination of RxElite Holdings Inc. as Anesthetics Distributor for the Human Market in United States
Date:11/25/2008

ORCHARD PARK, N.Y., Nov. 25 /PRNewswire-FirstCall/ -- MINRAD International, Inc. (Amex: BUF) today announced that it has terminated its Distribution Agreement for anesthetics for the human market in the United States with RxElite Holdings, Inc.(RxElite), a wholly-owned subsidiary of RxElite Inc.(OTC Bulletin Board: RXEI) effective November 21, 2008. This action was taken as a result of RxElite's failure to provide payment in full for $5.6 million plus interest in overdue accounts owed to MINRAD International, Inc. (Minrad). RxElite is required by the terms of the Distribution Agreement to immediately terminate all use of the Minrad name or mark. Minrad notified the Food & Drug Administration (FDA) on November 21, 2008 of this event to ensure Minrad is in compliance with applicable FDA regulations that apply to the discontinuance of RxElite as the commercial distributor of drugs manufactured by Minrad.

Dave DiGiacinto, President & Chief Operating Officer, commented, "we have had ongoing dialogue for several months with RxElite's senior management in attempt to work out an acceptable payment plan to collect past due amounts of $5.6 million plus interest owed to Minrad. We discussed our objective was to work out a payment plan with RxElite for all amounts owed as of June 30, 2008. In our second quarter 2008 earnings conference call on August 14, 2008, I mentioned that 'we were being proactive to improve the growth and continuity of the business.' Unfortunately we were unsuccessful in this effort, and failed to find alternative ways to work together in the U.S. Marketplace. Consequently, we had no choice but to take this action to protect our business, vendor relationships, and our shareholders who have been severely damaged by RxElite's failure to pay the amounts owed to Minrad in full. We have talked to our General Counsel about
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SOURCE MINRAD International, Inc.
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