CVS/Eckerd Transaction Expected to Close in July.Business Editors WOONSOCKET, R.I.--(BUSINESS WIRE)--June 7, 2004 CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE NYSE See: New York Stock Exchange :CVS) announced today that the Company now expects to complete its proposed transaction to acquire approximately 1,260 Eckerd drugstores as well as Eckerd's mail order and pharmacy benefits management businesses from J.C. Penney (NYSE:JCP See Java Community Process. JCP - Java Community Process ) during the month of July 2004. J.C. Penney is under agreement to sell Eckerd's remaining business to The Jean Coutu Group The Jean Coutu Group (PJC) Inc. TSX: PJC is a Canadian company headquartered in Longueuil, Quebec with its Jean Coutu Group (PJC) U.S.A. Inc. in Warwick, Rhode Island. (PJC), Inc. (TSX:PJC.A) immediately after the closing of the CVS acquisition. While CVS had previously anticipated that the Eckerd transaction would close around the end of June, the change reflects the expected timing of the closing of The Jean Coutu Group (PJC), Inc. transaction. The CVS and Coutu transactions are scheduled to close on the same day. As previously announced, the Hart-Scott-Rodino waiting period has expired for both the CVS/Eckerd transaction and the Jean Coutu/Eckerd transaction. With over 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. With 4,191 stores in 32 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , CVS has created innovative approaches to serve the healthcare needs of all its customers through its online pharmacy, CVS.com and its pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. and specialty pharmacy subsidiary, PharmaCare Management Services. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com. This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption "Cautionary Statement Concerning Forward-Looking Statements" in its Annual Report on Form 10-K for the fiscal year ended January 3, 2004. |
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