CHOICE DRUG ANNOUNCES EXECUTIVE OFFICER CHANGES.TEANECK, NJ--Jan. 27, 1995--(BUSINESS WIRE)--Choice Drug Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DOSE (common stock), DOSEW (warrants) announced today that Frank Mandelbaum has resigned as Co-Chairman and Chief Financial Officer and as a Director to devote more time to family and personal interests. At the request of the Board of Directors, Mr. Mandelbaum will remain a part-time consultant to the Company. Commenting on his retirement from full-time involvement with the Company in which he has for several years been an officer and major stockholder, Mr. Mandelbaum said, "I have spent the last several years of my life building this Company from a small pharmaceutical operation on Long Island to a public company with operations in several states and over $50 million in sales last fiscal year. With the Company's new relationship with Counsel Corporation, I believe the Company is now well-positioned to take advantage of the changes sweeping the health care industry. I am confident that, with the new relationships I have helped forge, and the new management I have helped put in place, Choice Drug has the capacity to become a major force in this industry." The Company also announced the election of Allan Silber as Chairman of the Company and Morris Perlis as President, in addition to his post as Chief Executive Officer. Mr. Silber said, "This Company owes a great deal to Mr. Mandelbaum. The Board is pleased that it will continue to have the benefit of his creativity and financial acumen acumen Astuteness, perception, perspicacity as we try to position the Company to meet the challenges presented by the rapid changes in its industry." Mr. Silber also said that the Company expects to appoint a new Chief Financial Officer within a very short time. Choice Drug Systems, Inc. and its wholly-owned subsidiaries provide pharmaceuticals, Medicare B reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. products and services, durable medical equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: detention camp, detention home, detention house, house of detention - an institution where juvenile offenders can be held temporarily (usually under the supervision of a juvenile , HMOs and mail order customers. In addition, the Company manages hospital pharmacies A hospital pharmacy is concerned with pharmacy service to all types of hospital and differs considerably from a community pharmacy. Some pharmacists in hospital pharmacies may have more complex clinical medication management issues whereas pharmacists in community . Choice Drug services accounts throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: The Equity Group Inc. Robert Goldstein (212) 371-8660 Eileen Shell (212) 836-9606 |
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