CHOICE DRUG SYSTEMS/PREMIERPHARMACY, INC. ANNOUNCES CONTRACT WITH EXCELSIOR HEALTH MANAGEMENT, INC.; Company To Provide Institutional Pharmacy Services to 14 Long Term Care Facilities.YONKERS, NY--May 31, 1995--(BUSINESS WIRE)--Choice Drug Systems, Inc. (Nasdaq National Market: DOSE (common stock) DOSEW (warrants)) today announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. PremierPharmacy, Inc. signed an agreement with Excelsior Health Management, Inc. ("Excelsior") in April 1995 to provide institutional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. services. Excelsior provides the joint purchasing arm for 14 geriatric geriatric /ger·i·at·ric/ (jer?e-at´rik) 1. pertaining to elderly persons or to the aging process. 2. pertaining to geriatrics. ger·i·at·ric adj. 1. care facilities located throughout 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 Westchester County. These 14 facilities, owned and operated by the Tenenbaum family, represent 4,000 patient beds. The Company expects to commence services on June 1, 1995. Morris Perlis, Vice Chairman of Choice Drug, commented, "We believe that this contract is one of the largest of its kind ever signed. We anticipate that this agreement will generate approximately $4 million in annual revenues. Moreover, it will increase the number of beds serviced by our Company in the New York metropolitan area to approximately 22,000 while significantly strengthening our presence as the region's largest provider of institutional pharmacy services. We are also very pleased to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. ourselves with Morris Tenenbaum, Excelsior's President, whose family has been providing high quality geriatric care services to the New York metropolitan area for over 20 years." Mr. Tenenbaum commented, "PremierPharmacy's strong local presence, coupled with its knowledgeable personnel and innovative pharmaceutical delivery systems will allow us to realize significant savings while providing our residents with the highest standard of care." Choice Drug Systems, Inc. is a leading provider of extended care institutional pharmacy services to nursing homes, correctional facilities and HMOs. 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: Choice Drug Systems, Inc. The Equity Group Inc. Morris Perlis Devin Sullivan (212) 836-9608 (416) 866-3193 Robert Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. (212) 371-8660 or Counsel Corporation Ivan Shaffer (416) 866-3187 |
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