Proposed Contract Award to Catalyst Rx Upheld.Five-Year Agreement Would Cover More Than 200,000 Maryland Beneficiaries ROCKVILLE, Md. -- HealthExtras, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HLEX) - The Maryland State Board of Contract Appeals has issued an opinion rejecting a challenge to a five-year pharmacy management contract for which HealthExtras' subsidiary Catalyst Rx was recommended. The state's competitive-bidding process was completed in March of 2006. The recommendation of Catalyst Rx was challenged by a competing contractor. In its opinion, the Board of Contract Appeals rejected the challenge. The contract award and the anticipated July 1, 2007 implementation date remain contingent upon approval by The Maryland Board of Public Works which may consider the contract recommendation at its March 21, 2007 meeting. About HealthExtras (www.healthextras.com) HealthExtras, Inc. is a full-service pharmacy management company. Its clients include self-insured employers, including state and local governments, third-party administrators, managed care organizations and individuals. The Company's integrated 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. services marketed under the name Catalyst Rx include: claims processing, benefit design consultation, drug utilization review drug utilization review Health insurance A study of drug prescriptions to evaluate appropriateness and cost-effectiveness of drug therapy , formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. management, drug data analysis services and mail order services. Additionally, the Company operates a national retail pharmacy network with over 58,000 participating pharmacies. This press release may contain forward-looking information. The forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in HealthExtras' filings with the Securities and Exchange Commission. |
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