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Certified Diabetic Services, Inc. Terminates Asset Purchase Agreement

^{Published on 2009-02-05 05:18:27, Last Modified on 2009-02-05 05:19:09 - Market Wire}
 

NAPLES, Fla.--([ BUSINESS WIRE ])--Certified Diabetic Services, Inc. (Pink Sheets:CDIP) is a national direct-to-consumer mail-order distributor of diabetic supplies and pharmaceutical services.

On February 3, 2009, the Company terminated the Asset Purchase Agreement and Plan of Reorganization dated July 25, 2008 between the Company, Andover Medical, Inc. and Medical Solutions Management Inc. ("MSMT") due to the parties' failure to consummate the agreement by December 31, 2008. The purchase agreement contemplated the acquisition of the operating subsidiaries of the Company and Andover Medical, Inc. by MSMT in exchange for capital stock of MSMT. Lowell M. Fisher, Chief Executive Officer and Chairman of the Board of Directors of the Company stated, "While we are disappointed we did not close the transaction, the Company has some great opportunities in 2009 that we are very excited about."

Forward-Looking Statement: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, customer acceptance of products, fulfillment of contracts with customers, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and the Company's results could differ materially from those contained in such statements. You can generally identify forward-looking statements through words and phrases such as "forecast," "seek," "anticipate," "believe," "estimate," "expect," "intend," "plan," "budget," "project," "may be," "may continue," "may likely result," and similar expressions. Such forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

The corporate offices of Certified Diabetic Services, Inc. are located at Airport Woods Commerce Center, 10061 Amberwood Road, Fort Myers, Florida 33913.

Additional information can be found at: [ http://www.cdiabetic.com ].