RxElite, Inc.
RxElite Holdings, Inc.: RxElite Files Registration Statement with Securities and Exchange Commission
RxElite Holdings, Inc. (Southridge Technology Group Inc.) / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- RxElite Files Registration Statement with Securities and Exchange Commission MERIDIAN, Idaho, October 12, 2007, RxElite Holdings, Inc., a wholly owned operating subsidiary of Southridge Technology Group, Inc. (WKN: A0M039, 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 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. Recent Drug Approval/ High Barriers with Limited Competition: Sevoflurane, the Company’s primary product was approved in May 2007. RxElite has the exclusive US rights to this product, a $400M market with only two competitors. High barriers to additional competition include manufacturing process patents, limited manufacturing capacity, and unique chemistry expertise requirements. Distribution Strength and Key Customers: RxElite has established distribution agreements to over 90% of the US market for generic drugs. Key select customers include Wal-Mart, Walgreens, McKesson, and Cardinal Health. Aggressive and Full Pipeline: RxElite has over 10 products in its pipeline. The Company plans to launch new products in each of the next 12 months over the next three years, targeting over $2 Billion in new addressable markets. For further information on RxElite please visit our corporate website at www.rxelite.com . 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 these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements. Contact: Corporate Information Ph: (208) 288-5550 Fax: (208) 288-1191 Investor Relations Charlie Forshee, 215-885-4981 investorrelations@rxelite.com Segue Ventures LLC 15.10.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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