Genesis Health Ventures Inc. Announces Stockholder Approval Of Merger With Vitalink Pharmacy Services Inc.KENNET SQUARE, Pa.--(BW HealthWire)--Aug. 26, 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) ), and 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 ), announced that at separate special meetings of their respective stockholders held Wednesday, the stockholders of Genesis approved the Agreement and Plan of Merger by and among Genesis, Vitalink Pharmacy Services Inc. and V Acquisition Corp., a wholly-owned subsidiary of Genesis, and the transactions contemplated in the Merger Agreement including the issuance of Genesis Series G Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , and the stockholders of Vitalink approved the Merger Agreement and the transactions contemplated in the Merger Agreement. Genesis and Vitalink anticipate that the Merger will be consummated on Friday, Aug. 28, 1998 with funding of the cash portion of the consideration to be provided pursuant to underwritten bank loan commitments. Vitalink provides medications, consulting, infusion and other ancillary services to customers with 170,000 institutional beds in 36 states as well as to home infusion patients. Genesis, a recognized innovator in the healthcare industry, was founded in 1985 to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties" define, delimit, delimitate, delineate, specify - determine the essential quality of 2. 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. Genesis, which consolidated its businesses under the brand name Genesis ElderCare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. (SM) in 1996, has established Genesis ElderCare(SM) Networks in five regional markets in the eastern 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. 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. . Genesis and Vitalink caution investors that any forward-looking statements made by either of them are not guarantees of future performance. Numerous factors exist which, in some cases have affected, and in the future could cause results to differ materially from these expectations. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, e-mailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.
CONTACT: Genesis Health Ventures Inc.
George V. Hager, senior V.P. and CFOfficer
610/444-6350
or
Vitalink Pharmacy Services Inc.
Scott T. Macomber, senior V.P. and CFO
630/245-4802
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