Sharps Compliance Corp. Supports Introduction Of Legislation For Medicare Coverage Of Safe Needle Disposal

Main Category: Medicare / Medicaid / SCHIP
Also Included In: Diabetes
Article Date: 08 Aug 2007 - 0:00 PDT

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Sharps Compliance Corp. and subsidiaries (OTC 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.

Sharps Compliance Corp.
http://www.sharpsinc.com

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