DrugMax.com Becomes DrugMax, Inc.; Re-Elects Board of Directors
LARGO, Fla.--(BUSINESS WIRE)--Sept. 6, 2001--DrugMax.com, Inc. (Nasdaq:DMAX), a full-line wholesale distributor of pharmaceuticals, over-the-counter products, health and beauty aids and nutritional supplements, today announced that shareholders have approved the name change of DrugMax.com, Inc. to DrugMax, Inc.
"DrugMax revenues were $70.9 million and our net income was $883,649 or $.12 per diluted share for the first quarter ended June 30, 2001," Ronald J. Patrick, Chief Financial Officer, said. "Management is extremely pleased with the performance and accomplishments of our e-commerce operations; however, our traditional warehouse operations in Pennsylvania, Ohio and Louisiana continue to drive our revenues and earnings."
"DrugMax membership grew to approximately 9,400 from 2,500 independent pharmacies, a 276 percent increase from last year," William L. LaGamba, President and Chief Operating Officer, said. "There are approximately 25,000 independent pharmacies in the United States and nearly 38 percent of them are DrugMax members. The board of directors and shareholders feel it is prudent to modify our name. DrugMax, as a name, is a more accurate depiction of our business as a full-line pharmaceutical wholesale distributor and services provider with access to 20,000 products and licenses to ship to all 50 states, versus a business driven solely by the Internet and online transactions."
At the September 5, 2001 annual meeting, LaGamba, Patrick, Jugal K. Taneja, Stephen M. Watters, Jeffrey K. Peterson and Dr. Howard L. Howell, D.D.S. were re-elected as directors until the 2002 annual meeting. Ambassador Joseph Zappala stepped down as a director due to health reasons.
The shareholders also approved an amendment to the Company's 1999 stock option plan to increase the number of shares of common stock available under the plan by an additional one million shares. |
