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HOUSTON, March 14, 2011 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), announced today that it was selected to provide its medication disposal envelopes to Rite Aid (NYSE:RAD). The Sharps medication disposal envelopes offer a safe and environmentally-responsible means of disposing unused, expired or unwanted non-controlled prescription or over-the-counter (OTC) medications. The medication envelope solution will be available at Rite Aid pharmacies in all states except Maine where another type of drug disposal program is available.
"Rite Aid's selection of our product underscores Sharps' position as an innovative leader in providing solutions for the proper handling and disposal of individuals' unused, unwanted or expired prescription or OTC medications," said David P. Tusa, President and Chief Executive Officer of Sharps Compliance. "We estimate that more than 200 million pounds of unused dispensed medications each year are disposed of improperly, and we believe our cost-effective and convenient solutions are ideal for making sure such medications are properly disposed."
The medication disposal envelopes are a part of Sharp's TakeAway System™ solution which facilitates the proper disposal of unused prescription and OTC medications, excluding controlled substances. It is designed to be provided by healthcare professionals affiliated with retail or mail-order pharmacies, alternate care facilities and community programs. The solution consists of a variety of systems (including special-use envelopes as well as the 10, 20 and 40-gallon return systems). All systems include return packaging with pre-paid shipping to the Company's treatment facility, where the systems are received by licensed law enforcement for appropriate tracking, reporting, and assured witnessed destruction.
About Sharps Compliance Corp.
Headquartered in Houston, Texas, Sharps is a leading full-service provider of cost-effective management solutions for medical waste and unused dispensed medications generated outside the hospital and large healthcare facility setting. Its strategy is to capture a large part of the estimated $2 billion untapped market for unused medications, used syringes and medical waste generated outside of hospital and large healthcare settings by targeting the major agencies that are interrelated with this medical waste stream; that is the U.S. government, pharmaceutical manufacturers, home healthcare providers, retail pharmacies and clinics, and the professional market comprised of physicians, dentists and veterinary practices. As a fully integrated medical waste management company providing customer solutions and services, the Company's solid business model, which provides strong margins and significant operating leverage, combined with its early penetration into emerging markets, uniquely positions it for strong future growth.