Chem Rx to Present at Bear Stearns 20th Annual Healthcare ...( NEW YORK Sept. 4 /- Paramount Acq...),Health

NEW YORK, Sept. 4 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a special purpose acquisition corporation, announced today that Chem Rx, a major privately-owned long-term care pharmacy based in Long Beach, New York, will present at the Bear Stearns 20th Annual Healthcare Conference, which is being held on September 10 and 11 in New York, NY.

Steven Silva, Executive Vice President and Chief Operating Officer, Jerry Silva, President, Chief Executive Officer and Chairman, and Chuck Kelly, Chief Financial Officer, will present at the conference.

Date: Monday, September 10, 2007

Place: Grand Hyatt Hotel, New York, NY

Time: 4:00 PM ET

A live Webcast of Chem Rx's presentation at 4:00 PM ET will be available on the investor relations section of Chem Rx's website at: http://www.chemrx.net. A replay of the presentation will be available through Monday, September 24, 2007.

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 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 60,000 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 acquisition corporation that was formed for the specific purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with an operating business in the healthcare industry. Paramount raised net proceeds of approximately $5
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