MERIDIAN, Idaho, Oct. 12 /PRNewswire-FirstCall/ -- RxElite Holdings, Inc., a wholly owned operating subsidiary of Southridge Technology Group, Inc. (OTC Bulletin Board: SOUT) and a developer, manufacturer, and marketer of specialty generic prescription drug products, announced the filing of their Registration Statement with the Security and Exchange Commission for sale of shares from their recent round of financing.
"We are pleased to report that we are meeting our stipulated obligations with our investors promptly," commented Jonathan Houssian, the President and Founder of RxElite. "This is evidence of our growth as a public company and of the results oriented culture we have nurtured over the last 7 years."
RxElite filed the registration statement within the agreed to period detailed in their private placement concluded on July 13, 2007. The statement registers 53,747,555 shares of common stock, of which 35,831,706 were issued to investors in the private placement and the remainder that may be issued in the future through the exercise of warrants held by the same investors. Total shares of common stock outstanding for the company are 83,755,554. According to the private placement agreement, the recently registered shares must be declared effective within 90 days.
About RxElite Holdings, Inc.
RxElite Holdings, Inc. develops, manufactures, and markets generic prescription drug products in specialty generic markets. These markets include products in the areas of anesthesia, sterile liquid dose drugs (including respiratory inhalation drugs, ophthalmics, and injectable drugs), and transdermal patch products.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 involving
known and unknown risks, delays, and uncertainties that may cause the our
actual results or performance to differ materially from those expressed or
implied by th
|SOURCE RxElite Holdings, Inc.|
Copyright©2007 PR Newswire.
All rights reserved