CHOICE DRUG ANNOUNCES PROPOSED ACQUISITION.Teaneck, NJ--(BUSINESS WIRE)--January 4, 1995--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 it has signed a letter of intent for a proposed acquisition for 100% of PremierPharmacy, Inc., a privately-held provider of pharmacy services to nursing homes and hospitals with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $30 million. The long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. pharmacy business of PremierPharmacy is based in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , and its hospital pharmacy business operates in 8 states. The consideration for the acquisition would be the issuance of 900,000 shares of Choice Drug common stock. Choice Drug currently has 8,096,810 shares of common stock outstanding. Under the proposed terms, senior management of PremierPharmacy would become part of the senior management team of the combined company following the acquisition. The parties have agreed to reach a definitive agreement as promptly as practicable. The proposed transaction is subject to the execution of a definitive agreement and approval by the Boards of Directors of both companies and, if necessary, their stockholders. In addition, the proposed transaction is subject to any necessary regulatory, bank and other approvals of both companies. Choice Drug Systems, Inc. and its wholly owned subsidiaries provide pharmaceuticals, 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: CONTACT: Choice Drug Systems, Inc. Frank Mandelbaum, Co-Chairman (201) 833-2800 or INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Inc. Robert Goldstein (212) 371-8660 Eileen Shell (212) 836-9606 |
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