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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

in subsidiary was voted company CEO and President, and additionally will fill the board position vacated by Dr. Kenneth Nyer. David Dumouchel, a Vice-President of the pharmacy subsidiary and brother of Mark Dumouchel, was appointed to fill the board position vacated by Karen Wright. The two Dumouchels, along with two of the remaining minority shareholders and the spouse of the third minority shareholder, signed three-year employment agreements. Mark Dumouchel will remain as President of the pharmacy segment and will serve as President and CEO of Nyer. The other individuals will serve as managers of the pharmacy segment in varying capacities.

"We are eager to be solely focused on the growth opportunities available to the company and to move forward on behalf of the company's shareholders deriving the full value inherent in the company," stated President and CEO, Mark Dumouchel. "Going forward, the company will seek to enhance its position within niche markets that are developing and expanding as a result of the aging baby-boomer population. We will also seek out opportunities in contiguous markets that will enhance the company's profitability," Dumouchel stated.

The company further announced that its pharmacy subsidiary opened its twenty-first location in December in Southborough, Massachusetts and has agreed to open its twenty-second location in Lynn Massachusetts, in March of this year. "The Southborough location will fill a void within an affluent suburb of Boston as there are no competing pharmacies within a 4 plus mile radius while the Lynn location will be opened in close collaboration with the Lynn Community Health Center and represents further expansion by the company within the Public Health Services' Section 340B purchasing program," stated company CEO, Mark Dumouchel. "Each of the two new locations represents a synergistic opportunity for the company going forward," Dumouchel stated. "We are pleased with both opportunities and the added value
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SOURCE Nyer Medical Group, Inc.
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