BANGOR, Maine, July 9 Nyer Medical Group, Inc.(Nasdaq: NYER) announced that it has sold ADCO South Medical Supplies, Inc.,("ADCO South") its Florida Medical-Surgical division. Nyer further announcedthat its pharmacy division, D.A.W. Inc., was awarded a two-year contract withSunrise Senior Living, Inc. to be the preferred pharmacy provider at all 16 ofthe company's Assisted Living Facilities in Massachusetts. The award was madeat the conclusion of a competitive proposal submission and review process.Residents at the facilities approximate 1,600.
"We strongly believe that the divestiture of ADCO South was in the bestinterest of the shareholders. Its operation provided no synergies to our corebusiness and was at the same time geographically cumbersome," stated Presidentand CEO Mark Dumouchel. "We are additionally enthusiastic about having beenawarded preferred vendor status by the Sunrise Assisted Living team. Theawarding of the contract by this first-class organization is consistent withour strategic goals of being the area's top pharmacy niche provider,"Dumouchel further stated. "With the aging of the baby-boomer population, weforesee a rapidly expanding demand for the specialized services inherent inour core competence, and we will continue to adapt our company to meet theneeds of the Assisted Living Community and other unique niches within themarket."
About Nyer Medical Group
Nyer Medical Group, Inc. is a holding company that through itssubsidiaries operates pharmacies in the greater Boston area and a medicalproducts business that distributes and markets medical equipment and supplyproducts to hospitals, physicians and nursing homes using relationship-basedtelemarketing, direct sales personnel, catalogs and the Internet. Theseorders are filled by the company's distribution center located in New England.
For further information contact Mark Dumouchel (508) 429-8506, ext. 16.
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking innature within the meaning of the Private Securities Litigation Reform Act of1995 and other federal securities laws. These statements are generallyidentified by the inclusion of phrases such as "we expect", "we anticipate","we believe", "we estimate" and other phrases of similar meaning. Forward-looking statements include all statements that are not historical and includeour statements discussing our goals, beliefs, strategies, objectives, plans,prospects and opportunities, and our statements relating to (i) theanticipated impact to be derived from the contract with Sunrise AssistedLiving, (ii) the anticipated benefits to the business to be derived from theaging population, (iii) our plans to meet the future needs of the AssistedLiving Community, expand and/or strengthen the services we offer, and iv) ourplans to achieve operational synergies and revenue growth. These statementsare subject to known and unknown risks, uncertainties, assumptions, and otherfactors that may cause actual results to be materially different from thosecontemplated by the forward-looking statements. Such factors include: (i) ourability to successfully integrate the Sunrise Assisted Living Business, (ii)our ability to retain key employees, and (iii) other factors identified in ourmost recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filedwith the Securities and Exchange Commission. Except as required by law, NyerMedical Group undertakes no obligation to release publicly the result of anyrevision to these forward-looking statements that may be made to reflectevents or circumstances after the date hereof or to reflect the occurrence ofunanticipated events.
SOURCE Nyer Medical Group, Inc.