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Paramount Stockholders Approve Acquisition of Chem Rx
Date:10/22/2007

NEW YORK, Oct. 22 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW) ("Paramount") announced today that its stockholders have approved the acquisition of all of the issued and outstanding stock of B.J.K. Inc., a New York corporation doing business as Chem Rx (the "Transaction"), at a special meeting held today in New York. It is expected that the Transaction will close by Friday, October 26, 2007.

Of the 11,091,153 Paramount common shares of stock that were voted at the special meeting (representing approximately 93.2% of the shares entitled to vote on the Transaction), 10,393,068, or approximately 87.3% of the total shares outstanding, voted in favor of the Transaction. A total of 697,085 shares issued in Paramount's initial public offering voted against the Transaction, of which 637,075 elected to convert their shares into a pro rata portion of the IPO trust account.

In addition to approving the Transaction, Paramount's stockholders approved certain changes to its certificate of incorporation relating to the Transaction, including changing Paramount's name to "Chem Rx Corporation" upon the closing of the Transaction. Paramount's stockholders also approved Paramount's 2007 Incentive Compensation Plan.

ABOUT CHEM RX

Founded more than 40 years ago, Chem Rx is a major, privately-owned long- term care pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, and Pennsylvania. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx provides to more than 61,000 residents prescription and non-prescription drugs, intravenous medications, durable medical equipment items and surgical supplies. Chem Rx's website address is http://www.chemrx.net.

ABOUT PARAMOUNT ACQUISITION CORP.

Paramount Acquisition Corp. is a special purpose acquisi
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SOURCE Paramount Acquisition Corp.
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