MERIDIAN, Idaho, Oct. 12 RxElite Holdings, Inc.,a wholly owned operating subsidiary of Southridge Technology Group, Inc.(OTC Bulletin Board: SOUT) and a developer, manufacturer, and marketer ofspecialty generic prescription drug products, announced the filing of theirRegistration Statement with the Security and Exchange Commission for sale ofshares from their recent round of financing.
"We are pleased to report that we are meeting our stipulated obligationswith our investors promptly," commented Jonathan Houssian, the President andFounder of RxElite. "This is evidence of our growth as a public company andof the results oriented culture we have nurtured over the last 7 years."
RxElite filed the registration statement within the agreed to perioddetailed in their private placement concluded on July 13, 2007. The statementregisters 53,747,555 shares of common stock, of which 35,831,706 were issuedto investors in the private placement and the remainder that may be issued inthe future through the exercise of warrants held by the same investors. Totalshares of common stock outstanding for the company are 83,755,554. Accordingto the private placement agreement, the recently registered shares must bedeclared effective within 90 days.
About RxElite Holdings, Inc.
RxElite Holdings, Inc. develops, manufactures, and markets genericprescription drug products in specialty generic markets. These marketsinclude 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 meaningof the Private Securities Litigation Reform Act of 1995 involving known andunknown risks, delays, and uncertainties that may cause the our actual resultsor performance to differ materially from those expressed or implied by theseforward-looking statements. These risks, delays, and uncertainties include,but are not limited to: risks associated with the uncertainty of futurefinancial results, our reliance on our sole supplier, the limiteddiversification of our product offerings, additional financing requirements,development of new products, government approval processes, the impact ofcompetitive products or pricing, technological changes, the effect of economicconditions and other uncertainties detailed in the Company's filings with theSecurities and Exchange Commission. The Company's Form SB-2, filed with theSEC on October 10, 2007 details the registration of shares through the privateplacement. The Company undertakes no obligation to update any forward-lookingstatements.Contact: Corporate Information Ph: (208) 288-5550 Toll Free: (800) 414-1901 Fax: (208) 288-1191 Investor Relations Charlie Forshee, 215-885-4981 [email protected]
Segue Ventures LLC
SOURCE RxElite Holdings, Inc.