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

stock on the NASDAQ Capital Market, which is subject to approval by NASDAQ.

As of February 29, 2008, Chem Rx surpassed the milestone of over 65,000 residents served. The net bed growth was attributable to client retention and organic growth at the Company's four initial institutional pharmacy locations.

Effective January 11, 2008, three new directors were appointed to the board of directors. The addition of Richard M. Gozia, Robert R. Hinckley and Andrew R. Jones brought Chem Rx's board of directors to seven members, including the four existing members Jerry Silva, Chairman and Chief Executive Officer of Chem Rx; Steven C. Silva, President and Chief Operating Officer of Chem Rx; J. Jay Lobell, President and Chief Executive Officer of Paramount Biosciences; and David J. Kellman, Vice President of Paramount Biosciences.

Financial Guidance

Chem Rx provided guidance for the full year 2008. The Company expects 2008 revenues to be in the range of $360 million to $370 million and projected 2008 EBITDA to be in the range of $28 million to $30 million. This guidance does not include the impact of possible future acquisitions and assumes a net bed count of approximately 70,000 by year-end 2008.

SEC Form 10-K

Due the complexity of this first SEC Form 10-K for Chem Rx Corporation following the business combination on October 26, 2007, the Company filed a Form 12b-25 to take advantage of the automatic 15-day extension allowed by the SEC.

Conference Call

To participate in the conference call on April 4, 2008 at 8:30 am ET, please dial 1-877-407-0784 (USA) or 1-201-689-8560 (international). A web cast of the call will also be available from the Investor Relations section on the corporate web site athttp://www.chemrx.net. In addition, a dial-up replay of the conference call will be available beginning April 4, 2008 at approximately 11:30 a.m. ET and will remain available until April 11, 2008. To access the replay, please dial
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SOURCE Chem Rx Corporation
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