Austin, TX, August 01, 2016 --(PR.com
)-- Titanium Healthcare, Inc. (OTCQB: TIHC) ("Titanium") today announced the following updates:
Titanium previously announced the formation of Odin Applied Research Laboratories (“OARL”) to conduct a joint venture with Odin Industries, LLC. On September 11, 2015. The closing of the transactions was conditioned on the parties successfully raising at least $175 million of capital. Because the parties were unable to raise the necessary capital, the parties discontinued efforts.
Titanium previously announced the formation of Elluminance LLC to conduct a joint venture with LBData, LLC ("LBData") to pursue supercomputing information technology opportunities. Certain disputes have arisen between Titanium and LBData concerning the management of Elluminance. As a result, Titanium has assumed management duties and is pursuing opportunities around supercomputing independently.
Wave Quantum Defense & Technology
In March 2016, Titanium organized Wave Quantum Defense & Technology, LLC (“Wqdt”) to conduct a joint venture with companies controlled by Mr. Argie Rumann to pursue opportunities using sensors and supercomputing technologies. WQDT is pursuing contract opportunities and hopes to announce the completion of definitive agreements in the near future.
In March 2016, Titanium organized MicroBioshield Technologies LLC (“MicroBioShield”) to conduct a joint venture with Corrosion Resistance LLC (and its owners) to acquire licenses to certain technology known as the “MicroBioshield technology “with specific applications in agriculture, healthcare and oil & gas (collectively, the “MicroBioshield Technology”) and to commercialize, develop, market, operate and expand it. Microbioshield is pursuing opportunities with a sovereign government and hopes to announce the completion and funding of definitive agreements in the near future.
Titanium continues to see declines in revenues caused primarily from reductions in pharmacy reimbursements from insurance companies and declining volumes of prescriptions. Titanium is currently negotiating with multiple distributors that will increase volumes and hopes these efforts will improve business conditions at the pharmacy. In an effort to increase reimbursements, the pharmacy is utilizing products that are new to market.
Titanium continues to see declines in revenues primarily due to a lack of volume. Titanium has established relationships with other laboratories to attempt to improve business conditions and potentially reduce operating costs. Titanium is continuing to seek CLIA certification in the State of New York and expects such certification will lead to an increased volume for the lab.
"These actions are necessary, require strong leadership and should allow the Company to complete the platform required for our continued growth," stated Kamran Nezami, Chairman of the Board. "While we regret the erosion of confidence with our shareholders due to our filing delays, we are committed to our business strategies and our ability to expand our business into technology and supercomputing service offerings. Once we become current in our filings, we are confident that we will be able to provide our shareholders with a much better understanding of our performance and future growth opportunities."
Titanium is currently a healthcare ancillaries and life science company focused on improving patients’ lives through “personalized medicine” and “prevention of prescription drug abuse” initiatives through its pharmacy and lab. In the fall of 2015, new joint ventures were announced with strategic partners in the science and technology industries which are expected to expand the into new industries such as aerospace & defense, transportation, energy and life sciences.
Titanium Healthcare, Inc. is headquartered in Austin, Texas, and its common stock trades on the OTCQB under the symbol "TIHC."
Safe Harbor Language
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company has based these forward-looking statements on its current expectations about future events, estimates and projections about the industry in which it operates. Forward-looking statements are not guarantees of future performance. Actual results may differ materially from those suggested by these forward-looking statements as a result of a number of known and unknown risks and uncertainties that are difficult to predict, including, without limitation, our ability to successfully complete our proposed joint ventures, our ability to secure additional or alternative capital, and general economic and business conditions. Those and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements included in this release are made only as of the date hereof. Except as required under federal securities laws and the rules and regulations of the United States Securities and Exchange Commission, the Company does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.
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Chairman of the Board
Titanium Healthcare, Inc.