Sharps Compliance Corp. Supports Introduction of Legislation for Medicare Coverage of Safe Needle Disposal
August 07 2007 - 11:00AM
PR Newswire (US)
Proposes Medicare coverage for safe needle disposal through a
sharps-by-mail program for 1.3 million insulin-dependent
beneficiaries HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- Sharps
Compliance Corp. and subsidiaries (OTC:SCOM) (BULLETIN BOARD: SCOM)
, leading providers of cost-effective medical waste disposal
solutions for industry and consumers, today announced the
introduction of federal legislation that proposes Medicare coverage
for the safe needle disposal for approximately 1.3 million
insulin-dependent diabetic beneficiaries through a sharps-by-mail
or similar program. The proposed legislation is intended to reduce
the number of accidental injuries, infections and subsequent costs
associated with the improper disposal of approximately 4 million
needles generated daily by Medicare covered diabetics. U.S. House
of Representatives bill (3251) and U.S. Senate bill (1909) entitled
"Medicare Safe Needle Disposal Coverage Act of 2007" was introduced
by U.S. Representative Mike Ferguson (R-N.J.) and U.S. Senator
Johnny Isakson (R-G.A.) and would provide for Medicare
reimbursement, under part D, for the safe and effective disposal of
used needles and syringes through a sharps-by-mail or similar
program. Sharps Compliance's flagship product, the Sharps Disposal
by Mail System(R), is an example of the cost-effective and
easy-to-use solution recommended in the legislation. Commenting on
the announcement, Dr. Burton J. Kunik, Chairman and Chief Executive
Officer of the Company stated, "The proposed legislation would be
the first insurance reimbursement model supporting the safe
disposal of sharps on a nationwide basis. If passed, it has the
potential to significantly impact our sales opportunities and
business model as well as increase awareness across the country of
the importance of responsibly disposing of medical waste outside of
the healthcare setting. We applaud bill sponsors Senator Isakson
and Representative Ferguson for addressing the proper disposal of
sharps in an effort to protect individuals, patients and
communities." About Sharps Compliance Corp. Headquartered in
Houston, Texas, Sharps Compliance is a leading provider of
cost-effective medical waste disposal solutions for industry and
consumers. The Company's flagship product, the Sharps Disposal by
Mail System(R), is a cost-effective and easy-to-use solution to
dispose of medical waste such as hypodermic needles, lancets and
any other medical device or objects used to puncture or lacerate
the skin (referred to as "sharps"). The Company also offers a
number of products specifically designed for the home healthcare
market. Sharps Compliance focuses on targeted growth markets such
as the pharmaceutical, retail, commercial, and hospitality markets,
as well as serving a variety of additional markets. Sharps is a
leading proponent and participant in the development of public
awareness and solutions for the safe disposal of needles, syringes
and other sharps in the community setting. As a fully integrated
manufacturer providing customer solutions and services, Sharps
Compliance's solid business model, with strong margins and
significant operating leverage, and early penetration into emerging
markets, uniquely positions the company for strong future growth.
More information on Sharps Compliance can be found on its website
at: http://www.sharpsinc.com/. Safe Harbor Statement The
information made available in this press release contains certain
forward-looking statements which reflect Sharps Compliance Corp.'s
current view of future events and financial performance. Wherever
used, the words "estimate", "expect", "plan", "anticipate",
"believe", "may" and similar expressions identify forward-looking
statements. Any such forward-looking statements are subject to
risks and uncertainties and the company's future results of
operations could differ materially from historical results or
current expectations. Some of these risks include, without
limitation, the company's ability to educate its customers,
development of public awareness programs to educate the identified
consumer, managing regulatory compliance and/or other factors that
may be described in the company's annual report on Form 10-KSB,
quarterly reports on Form 10-QSB and/or other filings with the
Securities and Exchange Commission. Future economic and industry
trends that could potentially impact revenues and profitability are
difficult to predict. The company assumes no obligation to publicly
update or revise its forward-looking statements even if experience
or future changes make it clear that any projected results express
or implied therein will not be realized. For more information
contact: - OR - David P. Tusa Tammy Swiatek Executive Vice
President, Chief Financial Kei Advisors LLC Officer & Business
Development Investor Relations Phone: (713) 660-3514 Phone: (716)
843-3853 Email: DATASOURCE: Sharps Compliance Corp. CONTACT: David
P. Tusa, Executive Vice President, Chief Financial Officer &
Business Development of Sharps Compliance Corp., +1-713-660-3514, ;
or Investor Relations, Tammy Swiatek of Kei Advisors LLC,
+1-716-843-3853, , for Sharps Compliance Corp. Web site:
http://www.sharpsinc.com/
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