July 9, 2008
Nyer Medical Group, Inc. Announces Sale of Company’s Florida Medical-Surgical Division; Pharmacy Division Awarded Two-Year Preferred Supplier Contract
BANGOR, Maine, July 9 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. announced that it has sold ADCO South Medical Supplies, Inc., ("ADCO South") its Florida Medical-Surgical division. Nyer further announced that its pharmacy division, D.A.W. Inc., was awarded a two-year contract with Sunrise Senior Living, Inc. to be the preferred pharmacy provider at all 16 of the company's Assisted Living Facilities in Massachusetts. The award was made at the conclusion of a competitive proposal submission and review process. Residents at the facilities approximate 1,600.
"We strongly believe that the divestiture of ADCO South was in the best interest of the shareholders. Its operation provided no synergies to our core business and was at the same time geographically cumbersome," stated President and CEO Mark Dumouchel. "We are additionally enthusiastic about having been awarded preferred vendor status by the Sunrise Assisted Living team. The awarding of the contract by this first-class organization is consistent with our strategic goals of being the area's top pharmacy niche provider," Dumouchel further stated. "With the aging of the baby-boomer population, we foresee a rapidly expanding demand for the specialized services inherent in our core competence, and we will continue to adapt our company to meet the needs of the Assisted Living Community and other unique niches within the market."
About Nyer Medical Group
Nyer Medical Group, Inc. is a holding company that through its subsidiaries operates pharmacies in the greater Boston area and a medical products business that distributes and markets medical equipment and supply products to hospitals, physicians and nursing homes using relationship-based telemarketing, direct sales personnel, catalogs and the Internet. These orders are filled by the company's distribution center located in New England.
For further information contact Mark Dumouchel (508) 429-8506, ext. 16. Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are generally identified by the inclusion of phrases such as "we expect", "we anticipate", "we believe", "we estimate" and other phrases of similar meaning. Forward- looking statements include all statements that are not historical and include our statements discussing our goals, beliefs, strategies, objectives, plans, prospects and opportunities, and our statements relating to (i) the anticipated impact to be derived from the contract with Sunrise Assisted Living, (ii) the anticipated benefits to the business to be derived from the aging population, (iii) our plans to meet the future needs of the Assisted Living Community, expand and/or strengthen the services we offer, and iv) our plans to achieve operational synergies and revenue growth. These statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include: (i) our ability to successfully integrate the Sunrise Assisted Living Business, (ii) our ability to retain key employees, and (iii) other factors identified in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, Nyer Medical Group undertakes no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Nyer Medical Group, Inc.
CONTACT: Mark Dumouchel of Nyer Medical Group, Inc., +1-508-429-8506,ext. 16
Web site: http://nyermedicalgroup.com/