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Chem Rx Corporation Reports Full Year 2007 Financial Results
Date:4/3/2008

- Conference Call Scheduled Friday, April 4, 2008 at 8:30 a.m. EDT -

Recent Highlights: - 2007 pro forma consolidated net sales increased 21.2% year-over-year to

$317.2 million - Provided 2008 guidance: revenue of $360 million to $370 million; EBITDA

of $28 million to $30 million - Net beds served increased 21% year-over-year to 63,800 at year-end 2007 - Established pharmacy operations center in Deerfield Beach, Florida;

commenced operation on April 1, 2008

- Completed expansion of South Plainfield, New Jersey facility - Filed application for the listing of its common stock on NASDAQ Capital

Market

LONG BEACH, N.Y., April 3, 2008 /PRNewswire-FirstCall/ -- Chem Rx Corporation (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a leading provider of institutional pharmacy services, today reported financial results for the year ended December 31, 2007.

The Company was formed in 2005 as a blank check company under the name Paramount Acquisition Corp. Until October 26, 2007, the Company had no employees and no operating assets, and its sole purpose was to seek to complete the acquisition of a business or entity in the health care industry. On October 26, 2007, the Company completed its initial business combination transaction pursuant to which it acquired B.J.K. Inc., which conducts business under the name "Chem Rx." In conjunction with that business combination, the Company changed its name to Chem Rx Corporation.

Jerry Silva, Chairman and Chief Executive Officer, commented, "2007 was a transformational year for Chem Rx. We executed on many of our growth initiatives, as evidenced by the 21.2% increase in 2007 net sales to $317.2 million. The higher sales were driven by our 21% growth in net beds as we ended the year servicing over 63,800 residents. Providing high quality service continues to
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SOURCE Chem Rx Corporation
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