DALLAS, Oct. 27, 2008 (GLOBE NEWSWIRE) -- Direct Pet Health Holdings, Inc. (Pink Sheets:DPHG) Chairman and CEO Michael F. Scaccia today said the company has experienced significant recent developments on several fronts, expected to lead to increased revenue and profit potential in the year ahead. He also said Direct Pet Health has commenced negotiations to acquire a related and patented pet service provider, and expects to fund acquisitions and enhance company growth through several investment banking firms that have expressed unsolicited interest in helping accelerate the company's growth potential.
"We're extremely excited by theses latest developments," Mr. Scaccia said. "From the beginning, we have said that the launching of our new website, http://www.directpethealth.com, would offer individuals, and the companies they work for, an opportunity to enjoy unparalleled one-stop-shopping online for pet health insurance services. It's happening.
"Working with the superior health insurance provider, American Pet Insurance Company, we've seen a steady stream of new customers. The variety of plans we now offer meets the needs of pet owners at every age and income level, and is extremely competitive.
"In addition," the CEO said, "there has been steadily increasing response to our ability to provide online services to the business consumer marketplace. This market segment has grown with employers continuing to add pet health insurance as an option in employee benefit plans. Increasingly, they're including Direct Pet Health in healthcare options.
"While our core pet insurance business is helping us to grow the company internally," the CEO said, "we also are now actively in negotiations to acquire a related and patented provider of products and services. Since the negotiations are ongoing, the company at this time is not in a position to comment further.
"However," Mr. Scaccia said, "we are proceeding with these discussions principally because we have received several unsolicited offers of support from really high quality investment banking firms. They strongly believe in our business plan, and the company's future. In these very unsettling economic times, that really is a huge validation to us of the financial community's belief in the future of Direct Pet Health Holdings."
Mr. Scaccia said the confidentiality of the discussions with these investment banking firms preclude further immediate comment. "Nevertheless, it is very clear to us that there is little doubt that the investment banking marketplace is still open to innovative and growth-oriented business plans such as ours," the CEO said.
"To grow this company to the levels we think attainable, we intend to work with one or two high quality investment banking firms going forward that can bring to us a level of long-term commitment, along with their syndicate of like-minded firms. Collectively, they will actively invest in, and support, our stock, so that we can achieve higher levels of sales, and the opportunity to reach fully reporting levels common to the OTCBB, the AMEX and NASDAQ in the next several years," Mr. Scaccia said.
"We'd like nothing better than to reward bankers who believed in us from the beginning. We have a very simple rule of thumb: you go to the prom with those who first invited you. Those who come aboard later can be part of the syndicate. Loyalty is paramount."
About Direct Pet Health Group:
Direct Pet Health Holdings, Inc. is positioning itself to become a leader in its industry as the ultimate 'One-Stop-Shop' for pet health care. The company looks to provide its members with health information, pet insurance, and pet care products created for a target market driven by a strong demand for pet health care products and services -- all transacted over the Internet.
This press release includes forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to, lack of funding for planned activities, difficulties in product development and launch, difficulties arising from management of growth, market place acceptance of certain products and other risks. Direct Pet Health is under no obligation and does not assume any obligation to revise or update any forward-looking statement in this press release in order to reflect events or circumstances that may arise in the future.