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IPO Holding Company Inc., Initiates Legal Proceedings Against International Pharmacy Outlets Inc.

IPO Holding Company Inc., a private investment company and controlling shareholder of International Pharmacy Outlets, Inc., ("IPCY" - Pink Sheets), has initiated Federal and State legal proceedings against the following executives, officers, directors and ex-directors of International Pharmacy Outlets, Inc and its wholly owned subsidiaries. The Defendants are Ike Nigam, Jefferey Sivertsen, Michael P. McCabe, J D Pulver, Dr. Steven Channey, Wade Henriksen, Philippe Jean Marie Beyere, Sharon Matthews, Jonathan Lambert and Todd Klindworth,

Boca Raton, FL (PRWEB) July 19, 2004 -- IPO Holding Company Inc., a private investment company and controlling shareholder of International Pharmacy Outlets, Inc., ("IPCY" - Pink Sheets), has initiated Federal and State legal proceedings against the following executives, officers, directors and ex-directors of International Pharmacy Outlets, Inc and its wholly owned subsidiaries. The defendants are Ike Nigam, Jefferey Sivertsen, Michael P. McCabe, J D Pulver, Dr. Steven Channey, Wade Henriksen, Philippe Jean Marie Beyere, Sharon Matthews, Jonathan Lambert and Todd Klindworth, (the "Defendants")

International Pharmacy Outlets, Inc., ("IPCY" - Pink Sheets), a pharmaceutical holding company operating through two wholly owned subsidiaries; (i) Caribbean Marketing Agencies, Anguilla Ltd., ("CMA") an exclusively licensed Caribbean, duty free ports and duty free zone generic prescription drug wholesaler and distributor for Cipla Limited and Nebumed Pharma Limited of Mumbai India. (ii) AccessRX (Costa Rica) SA, a state-of-the-art 24/7 call center located at Zona Franca Ultra Park, Herdia, Costa Rica.

In a series of allegedly misleading and fraudulent press releases issued by IPCY between 11/07/2003 and 12/10/2003 and promotion on IPCY's website – www.ipcy.com, the Defendants; Ike Nigam, Jefferey Sivertsen, Michael P. McCabe, J D Pulver, Dr. Steven Channey, Wade Henriksen, Philippe Jean Marie Beyere, Sharon Matthews, Jonathan Lambert and Todd Klindworth, described International Pharmacy Outlets, Inc as a publicly traded holding company whose stock is traded under the trading symbol: IPCY. The Company operates through its wholly owned subsidiaries, Caribbean Marketing Agencies, Anguilla Ltd. (CMA) and AccessRX C.S. S.A. The CMA subsidiary is a wholesale importer/exporter of generic prescription drugs and a marketing and advertising operation providing services to retail pharmacies and mail order centers located throughout the Caribbean. In July 2003, CMA entered into a five-year exclusive distributorship for selected countries and duty free ports and zones with Cipla Limited and Nebumed Limited. In November 2003, IPCY acquired the assets of AccessRX for $135,000. The AccessRx subsidiary is a pharmaceutical customer service center operating a multi-lingual 24/7 call center for the Company’s retail pharmacy and mail order pharmacy clients.

The Company engaged in selling approximately 2,004,000 free trading shares to public investors during the promotion period. the Defendants; Ike Nigam, Jefferey Sivertsen, Michael P. McCabe, J D Pulver, Dr. Steven Channey, Wade Henriksen, Philippe Jean Marie Beyere, Sharon Matthews, Jonathan Lambert and Todd Klindworth, received approximately $3,000,000 from the sale of shares to the public.

In the 11/07/2003 and 12/10/2003 press releases, IPCY management confirmed and ratified that the controlling shareholder of IPCY was IPO Holding Company, Inc., ("IPOH") a private Nevada Corporation, and that IPOH owned 20,000,000 shares of IPCY preferred stock. The IPCY preferred stock has super voting rights of 10 votes for each 1 share of IPCY preferred and conversion rights of 2 IPCY common shares for each 1 share of IPCY preferred.

Source : www.medicinenet.com