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Nyer Medical Group, Inc. Announces Pharmacy Service Agreement with East Boston Neighborhood Health Center

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.
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