CVS Completes Acquisition of Soma.com.RHODE ISLAND--(BUSINESS WIRE)--June 7, 1999-- - Move Makes 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. the First Major Drugstore to Offer Complete Online Service - CVS Corporation (NYSE NYSE See: New York Stock Exchange : CVS) today announced that it has completed its acquisition of the online pharmacy  This article or section may deal primarily with the U.S. and may not present a worldwide view. , Soma soma (sō`mə), psychotropic plant, the juice of which was sometimes drunk as part of the Vedic sacrifice (see Veda). Many hymns in the Rig-Veda are in praise of soma. .com. CVS had announced on May 17, 1999, that it had reached an agreement with Soma to purchase the Seattle-based Internet pharmacy internet pharmacy Online A website that offers prescription drugs from the comfort of home Cons The IP or prescribing physician may not be qualified or licensed to prescribe drugs in all states. See Operation Cure-All, VIPPS. . Today's announcement by CVS represents the successful completion of its purchase of 100% of Soma for a transaction value of $30 million. CVS' purchase of Soma.com gives CVS a valuable head start as the only major drugstore chain with a complete online pharmacy and front store offering. The acquisition provides CVS with a solid platform to reach new customers and expand as a national pharmacy brand. In addition, CVS plans to change the name of the Soma.com website to capitalize on the name recognition associated with its over 4,000 CVS stores and its 55 million customers who have loyalty to its over 12,000 pharmacists. "We will be enhancing the Soma.com site in terms of functionality as well as the breadth of product offerings and healthcare information. Our goal is to provide our customers with a total healthcare solution for all their prescription and healthcare needs," said Tom Ryan, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CVS Corporation. CVS is the largest provider of prescriptions in the nation and is America's no.1 drugstore chain in terms of store count, leading the Northeast, Mid-Atlantic, Southeast and Midwest regions. For more information about CVS see our website at http//www.CVS.com |
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