DALLAS, June 07, 2019 (GLOBE NEWSWIRE) -- Dougherty’s Pharmacy, Inc. (OTCPK: MYDP) (“Dougherty’s” or the “Company”) today confirmed that the previously announced transaction to sell the prescription files of three Dougherty’s pharmacy locations to a national Fortune 500 pharmaceutical and healthcare retail company did not close as expected. The Company is continuing to explore strategic alternatives with respect to these locations.
Stewart Edington, President and CEO of Dougherty’s, said, “We are undertaking a number of actions toward positioning the company to drive growth and achieve sustainable leadership in our sector. We remain committed to that plan and are continuing to explore strategic options, including the sale of our El Paso and Springtown locations. Any proceeds received from these sales would be used to reduce debt and improve the balance sheet.”
In addition, as part of the company’s ongoing cost reduction initiatives, the Board of Directors voluntarily agreed to forego their compensation for the current calendar year, effective January 1, 2019, until such time that the Company is in a stronger financial position. The money will instead be utilized for continued growth and operations.
As a reminder, Dougherty’s annual shareholders’ meeting will be held on June 10, 2019, at 1:30 p.m. Central Daylight Time in the Belclaire Room of the Hilton Dallas Park Cities hotel, 5954 Luther Lane, Dallas, TX 75225. All Dougherty’s shareholders are invited to attend the meeting.
About Dougherty’s Pharmacy, Inc.
Dougherty’s Pharmacy, Inc. operates independent, community-based pharmacies. Interested investors can access financials and stock trading information for Dougherty’s at OTCMarkets.com or at www.doughertys.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions, including future events such as expectations for the Company receiving its pharmacy licensure for its new location as well as its expectations for revenue generation from this new pharmacy location. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
| Contact: | |
| Geralyn DeBusk or Tom Carey | |
| Halliburton Investor Relations | |
| 972-458-8000 |
