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CARDINAL DISTRIBUTION, INC. AGREES TO ACQUIRE SOLOMONS COMPANY

 DUBLIN, Ohio, March 12 /PRNewswire/ -- Cardinal Distribution, Inc. (NASDAQ: CDIC) and Solomons Company jointly announced today that they have entered into an agreement providing for Cardinal to acquire all of the stock of Solomons in exchange for 849,364 Cardinal common shares.
 Cardinal is a Dublin, Ohio, based wholesale drug distributor serving independent and chain drug stores, hospitals, and alternate site customers located primarily in the eastern United States. Cardinal has annualized revenues of approximately $2 billion.
 Solomons is a Savannah, Ga., based wholesale drug distributor serving customers located in Georgia, South Carolina, Florida and portions of adjoining states and has annualized revenues of approximately $180 million. Solomons' sales base consists primarily of independent retail drug stores and hospitals, all of which is serviced from its 98,000 square foot distribution facility located in Savannah.
 Philip Solomons, chairman of Solomons, expressed enthusiasm for the combination of Solomons' business with Cardinal. "Since 1845, Solomons Company has fulfilled a commitment to its customers, employees and shareholders by continually adapting to changing market forces. Our selection of Cardinal as a business partner is totally consistent with this history and with our belief in the drug wholesaling industry. I consider Cardinal both financially strong and the most strategically focused company in our industry today. I'm very excited about the new services we will be able to offer our existing customers, the opportunities we will have to serve several new markets, and the potential growth this combination will provide for our company and employees."
 Robert D. Walter, chairman and chief executive officer of Cardinal, stated that Solomons is just the type of well-managed, independent wholesaler Cardinal looks for. "Solomons is a company with a proud history, outstanding integrity and long-standing customer relationships. Its distribution area provides us with additional access into Georgia, the Carolinas and northern Florida and is consistent with our strategy of expanding Cardinal's market presence in the southeastern United States."
 Solomons will continue to operate as a full-service health care distribution center based in Savannah, Ga. The agreement calls for continuity of Solomons' existing management and for Solomons to continue as an independent operating entity under the Solomons Company name. Completion of the acquisition is currently anticipated to occur by mid-April, 1993, and is subject to customary conditions and regulatory approvals.
 -0- 3/12/93
 /CONTACT: David Bearman, chief financial officer of Cardinal Distribution, Inc., 614-761-8700; or Philip Solomons, Jr., president of Solomons Company, 912-234-7204/
 (CDIC)


CO: Cardinal Distribution, Inc.; Solomons Company ST: Ohio, Georgia IN: MTC REA SU: TNM

KK -- CL005 -- 5395 03/12/93 08:50 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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