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Nyer Medical Group Completes Acquisition of Minority Interest in Pharmacy Chain Subsidiary; Former Minority Shareholders Invest in Nyer Medical Group and Sign 3-Year Employment Agreements
Date:2/15/2008

Pharmacy Subsidiary opens New Pharmacy in Southborough MA and agrees to

open Second Pharmacy in Lynn MA

BANGOR, Maine, Feb. 15 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. (Nasdaq: NYER) today announced that it has acquired the remaining 20% interest in its pharmacy chain subsidiary, D.A.W., Inc. d/b/a Eaton Apothecary on February 4, 2008. As consideration for the minority interest, the former minority shareholders received a cash payment of $1.75 million, convertible notes totaling $1.5 million bearing interest at 8% maturing in 3-years, a note for $350,000 bearing interest at 7% maturing in 5-years and newly issued class B-2 preferred stock with a mandatory conversion feature in 3 years and possessing of 4 million voting shares. In contemporaneous transactions, the former minority shareholders acquired 597,826 shares of the company's common stock from Nyle International for $1.1 million while the company acquired all of its outstanding shares of Class A and B preferred stock in exchange for a $400,000 promissory note bearing interest at a rate of 7% per annum maturing in 5 years. The company immediately retired the preferred shares. The pharmacy chain's primary supplier funded the cash portion of the transaction through an extension of payment terms.

Through the completion of the aforementioned transactions, the former minority shareholders now control approximately 58% of the voting power of Nyer. In a related series of events, Karen Wright resigned her position as president and CEO of Nyer while continuing as Secretary, Treasurer and Vice- President of Finance. Additionally, she, Dr. Kenneth Nyer and Mr. Donald Lewis resigned their board positions. Mark Dumouchel, president of the pharmacy cha
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SOURCE Nyer Medical Group, Inc.
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