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RxElite Announces Acquisition of Assets of FineTech Laboratories
Date:1/10/2008

MERIDIAN, Idaho, Jan. 10 /PRNewswire-FirstCall/ -- RxElite, Inc. (OTC Bulletin Board: RXEI), a developer, manufacturer, and marketer of specialty generic prescription drug products, announces today its acquisition of the business and assets of FineTech Laboratories Ltd. (FineTech), located in Haifa, Israel, for $6.2 million in cash and 18,632,383 shares of RxElite common stock. Combining the ability to develop and manufacture complex active pharmaceutical ingredients with RxElite's robust generic manufacturing and distribution capability is a major step for RxElite.

Jonathan Houssian, CEO and founder of RxElite gave these key points of the acquisition:

-- The acquisition is expected to be accretive to earnings this year.

FineTech achieved revenues of approximately $6 million in and 2007,

with strong profitability,

-- The combination of the two companies will significantly expand the new

product pipeline of RxElite,

-- There are immediate opportunities to grow RxElite and FineTech's

business over the next 12 months by leveraging RxElite's relationships

and FineTech's product development capabilities,

-- RxElite believes that its acquisition of FineTech brings deep

scientific capabilities to develop new complex generic drugs at a

relatively low cost, and

-- By taking this step towards vertical integration in the area of

product development, RxElite can maintain the strong focus of its

sales, marketing and distribution team on successful market

penetration for Sevoflurane, Isoflurane, and the next anesthetic gas

product that it expects to launch in 2009.

"There are tremendous synergies for both companies both short and long term," continued Mr. Houssian. "The acquisition immediately expands our domestic and worldwide opportunities to develop and profitably launch complex generic drugs. A key part o
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SOURCE RxElite, Inc.
Copyright©2008 PR Newswire.
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