Funding will Complete the Medical Waste Treatment Firm’s Texas Expansion and Paves Way for Med-Shred’s National Rollout
Houston, TX – October 28, 2004 – Med-Shred, Inc., the world’s premier mobile on-site medical waste treatment services company, announced today it raised $7.0 million in Series B equity financing. Murphree Venture Partners (Houston, Texas) led the financing round that included Chrysalis Ventures (Louisville, Kentucky), Cogene Ventures (Houston, Texas), Delta Capital (Memphis, Tennessee), Erasmas Louisiana Growth Fund (Baton Rouge, Louisiana) and individual investors. Med-Shred will use the funding for its on-going business expansion into the San Antonio/Austin, Dallas/Fort Worth and Corpus Christi/South Texas markets and for initiation of its national rollout.
Med-Shred provides a patented, on-site, mobile waste treatment service that is revolutionizing the way hospitals manage their medical waste. “Instead of hauling waste hundreds of miles to a central incinerator or autoclave plant, our truck-mounted process disinfects and reduces medical waste volume by 85% in minutes right at the hospital’s loading dock,” explains Med-Shred COO and founder, Raymond Hart. “We render the medical waste harmless, make it HIPPA-compliant, and place the treated waste in the hospital’s trash compactor for hospital disposal as ordinary municipal solid waste.”
Waste industry veteran, Roger Ramsey, now leads Med-Shred as its new Chairman and CEO. Mr. Ramsey is the founder and former CEO of ($5.5B) Allied Waste Industries, Inc. and previously the co-founder and CFO of ($3.5B) Browning Ferris Industries (BFI) which was acquired by Allied in 1999. Growth companies with which Mr. Ramsey has been previously associated have raised over $12 Billion in the national and international capital markets. Throughout his career, Mr. Ramsey has played an important role in taking three companies from start-up to multi-billion dollar public corporations.
Med-Shred now services some of the largest hospitals in Texas and its process meets all applicable regulatory requirements. Med-Shred eliminates medical waste liabilities immediately because medical waste never leaves the hospital site.
“Twelve years and millions of dollars have been invested in developing our advanced technology,” says Med-Shred President and founder, Randolph Henry. “Over the last two years we’ve proven our process works extremely well by servicing major Houston hospitals.” Mr. Henry also notes, “‘Customer pull’ from cities in Texas and other states has been very strong, and we’re now positioned to rapidly capture these new markets.”
Med-Shred CEO, Roger Ramsey reflects, “At Allied Waste, I decided not to take the corporation into the medical waste business because I predicted an advanced mobile process company, like Med-Shred, would emerge and take over the market. Now I get to take part in making that prediction a reality.”
New members of Med-Shred’s Board of Directors include Koleman Karleski of Chrysalis Ventures and Christopher Kersey, M.D. of Cogene Ventures. Existing Board members include Dennis Murphree of Murphree Venture Partners and Med-Shred officers, Roger Ramsey, Randolph Henry, and Raymond Hart.
Med-Shred is headquartered in Houston, TX with offices in San Antonio/Austin, Dallas/Fort Worth and Harlingen, Texas. For investor information, please contact Dennis Murphree of Murphree Venture Partners @ 713-655-8500. For waste treatment services information, please contact Jim Rolfe, Med-Shred’s Corporate Development Director @ 713-457-0400.
Med-Shred is a Texas-based corporation that provides mobile on-site waste treatment services. Med-Shred’s patented waste processor units utilize an EPA approved disinfecting solution. Med-Shred’s processors eliminate medwaste liabilities, require no hospital capital investment, provide HIPPA protection, and enable guaranteed cost reduction. In minutes, Med-Shred-treated medwaste is rendered benign and deposited into existing hospital waste compactors for disposal as ordinary municipal solid waste. For more information, please visit: www.medshred.com.
ABOUT MED-SHRED INVESTORS
For more information on Med-Shred Investors, please visit the following internet sites: Murphree Venture Partners (www.murphco.com), Chrysalis Ventures (www.chrysalisventures.com), Cogene Biotech (www.cogenebiotech.com) and Delta Capital (www.deltacapital.com).