Airtech Signs $6MM Distribution Agreement With Southern Therapy.Business Editors DALLAS--(BUSINESS WIRE)--April 9, 2001 Airtech International Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AIRG AIRG Association pour l'Information et la Recherche sur les maladies rénales Génétiques AIRG Asociación Independiente de Radiodifusoras Guatemaltecas (Independent Association of Guatemalan Broadcasters) ) announced today it signed a $6,000,000 three year Exclusive Distribution Agreement with Southern Therapy Inc, (STI STI systolic time intervals. ) an Austin, Texas based Home Medical Equipment Provider. This Agreement is for the sale of the Airsopure Model S-950 Portable Air Sterilization system to the Home Medical Equipment (HME HME Home Medical Equipment HME Home Media Engine (TiVo) HME Heat and Moisture Exchange HME Hierarchical Mixtures-of-Experts HME Happy Meal Ethernet (UNIX driver) HME Honeymoon Experience ) and Durable Medical Equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: Southern Therapy CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Calvin Cole said, "STI has established multiple avenues of distribution for the sale of the Airsopure Portable Sterilizer sterilizer /ster·i·liz·er/ (ster´i-liz?er) an apparatus for the destruction of microorganisms. ster·il·iz·er n. An apparatus for rendering objects aseptic. . We have had tremendous results from full-page Ads in HME News (the largest Health Care Publication) and begun negotiations with the nation's largest respiratory care dealers along with a number of national private insurance providers for large block sales. Our sales estimates are very aggressive and we hope to sell thousands of units in our first year of sales. This is a great opportunity for STI, and other HME's and DME's that are looking to specialize in providing technology to patients suffering from chronic upper respiratory problems." Airtech President R. John Harris stated, "This Distribution Agreement will allow STI to take advantage of a U.S. market with over 10,000 DME's that are looking for an opportunity to provide technology and improve the health of the millions of Americans with respiratory related infections. Airtech will be the exclusive source provider of product as well as training, support and distribution assistance. Our staff will dedicate key personnel to work with STI, V.P. Sales, James Rathmell a highly respected Respiratory Care Professional and the balance of the STI team." Airtech Chairman C.J. Comu commented on the 11.02.00 Announcement of the purchase of STI, "Airtech and Southern Therapy agreed to a Stock Purchase Agreement, due to a drop in our stock price, the purchase price increased by 300% and certain proposed financial restructurings were not completed, therefore the Board does not feel it is in the best interest of its stockholders to proceed. The Company is willing to re-consider this transaction at a future date based on an increase in the price of its stock and an improvement in the equity/debt ratio of STI." Southern Therapy, founded in 1994, (www.southerntherapy.com) is an HME that achieved record sales of $14,000,000 in fiscal 1998, and was ranked second fastest growing private Company in Austin, Texas, by the Austin Business Journal. Some of Southern Therapy's clients are; AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million , Aetna, American Republic Insurance, Blue Cross Blue Shield, Hartford, Humana, Pacific Life and Annuity, Prudential Healthcare, United Healthcare, USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association , Wausau, along with Medicare Region B, Region C, Region D and Medicaid of Texas. Airtech, founded in 1994, (www.airtechgroup.com) first achieved market recognition with its air purification technology by providing advanced technology and engineering to remove harmful indoor airborne contaminants. Its corporate customers include: Southwest Airlines, AlphaGraphics, El Chico's, Bennigan's, TGI Friday's, Del Frisco's Double Eagle Steakhouses, Sullivan's, and many more. Airtech International Group Inc., is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. on Nasdaq/OTCBB market under the symbol ("AIRG"). Forward-looking Statements in this document that are not historical fact are "forward-looking statements" as that term is defined in the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform of 1993. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends that we anticipate in our industry and our good faith estimate of the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause our actual business and results of operations to differ materially from those reflected in our forward-looking statements. These risks are described in the Company's Form 10-K filed September 7, 2000. |
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