BANGOR, Maine, Nov. 12 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc.
(Nasdaq: NYER) announced that its pharmacy subsidiary, D.A.W., Inc. (DAW) has
entered into a Pharmacy Service Agreement with East Boston Neighborhood Health
Center to manage its on-site clinic pharmacy for a two-year period effective
October 6, 2008. Under terms of the agreement, DAW will receive a dispensing
fee for each prescription dispensed in exchange for providing comprehensive
Clinical Pharmacy and Pharmacy Management Services. Management estimates that
dispensing fee revenue will aggregate approximately $2 million per year. "The
East Boston Neighborhood Health Center has been a community institution for
over 35 years, having grown to manage and service close to 250,000 patient
visits per year, one of the highest numbers of any ambulatory care center in
New England. As such, we are pleased to have formed this affiliation," stated
Nyer President and CEO Mark Dumouchel. "The management relationship creates
further efficiencies within our operational infrastructure and will have an
overall accretive effect on Nyer's earnings."
About Nyer Medical Group
Nyer Medical Group, Inc. is a holding company that through its subsidiary
operates pharmacies and provides pharmacy management services to Community
Health Centers in the greater Boston area.
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 in
nature within the meaning of the Private Securities Litigation Reform Act of
1995 and other federal securities laws. These statements are generally
identified 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
include our statements discussing our goals, beliefs, strategies, objectives,
plans, prospects and opportunities, and our statements relating to (i) the
anticipated impact to be derived from the contract with the East Boston
Neighborhood Health Center (ii) our ability to further operational
efficiencies and fulfill the terms of the Agreement in a manner that will be
accretive to earnings. These statements are subject to known and unknown
risks, uncertainties, assumptions, and other factors that may cause actual
results to be materially different from those contemplated by the
forward-looking statements. Such factors include: (i) the materialization of
anticipated dispensing activity and projected revenue, (ii) our ability to
cost-effectively retain key employees, and (iii) other factors identified in
our most recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission. Except as required by law, Nyer Medical Group undertakes
no obligation to release publicly the result of any revision to these
forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Nyer Medical Group, Inc.