Genesis Health Ventures Announces Rescheduling of Shareholders Meeting.KENNETT SQUARE, Pa.--(BW HealthWire)--July 16, 1998--Genesis Health Ventures, Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) - news), a leading provider of eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. services in the eastern and mid-western 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. , today announced developments in its agreement to acquire Vitalink Pharmacy Services, Inc. (NYSE:VTK VTK Visualization Toolkit VTK Vlaamse Technische Kring (Flemish Technical Circle; student organisation) VTK Vampyres.tk (website) VTK Vertical Track Distance VTK Visualization Tool Kit - news). As previously announced, the Company has waived the financing condition contained in the Agreement and Plan of Merger between Genesis and Vitalink, and the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 has expired. The Company has rescheduled its shareholders meeting to vote upon the Vitalink transaction. The shareholders meeting was originally scheduled for July 31, 1998 and the Company currently anticipates that the shareholders meeting will be held in late August, 1998. The transaction is subject to state regulatory and shareholder approval of both companies. The Company currently expects to close the acquisition in late August, 1998. Genesis Health Ventures, Inc., a recognized innovator in the healthcare industry, was founded in 1985 to redefine how America cares for the elderly and is dedicated to helping older adults live a full life as independently as possible in their later years. The Company, which consolidated its businesses under the brand name Genesis ElderCare in 1996, has established Genesis ElderCare Networks in five regional markets in the eastern United States and currently serves more than 150,000 customers daily. The above statements include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance. Numerous factors exist which could cause results to differ materially from these expectations.
CONTACT: Genesis Health Ventures, Inc.
George V. Hager, Jr.
Senior Vice President and
Chief Financial Officer
610/444-6350
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