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Paramount Acquisition Corp. Announces Chem Rx Expansion into Albany, New York Market
Date:9/5/2007

NEW YORK, Sept. 5 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a special purpose acquisition corporation, announced today that Chem Rx has expanded into the Albany, New York market by acquiring the operations of an Albany-based long term care pharmacy from an affiliate of Eden Park Health Services, Inc. In connection with the transaction, which was consummated on August 27, 2007, Chem Rx assumed the existing pharmacy facility lease and acquired certain assets and liabilities including inventory, equipment and service contracts with Eden Park nursing homes in Catskill, New York and Glens Falls, New York. Chem Rxis also servicing an Eden Park nursing home facility in Utica, New York. Chem Rx has retained the seller's employees to run facility operations. Chem Rx intends to service certain of its existing customers from the Albany pharmacy as well as grow its presence in the New York capital region. As a result of this transaction, Chem Rx is servicing approximately 370 beds in the three Eden Park facilities and operating out of a 5,000 square foot facility in Albany.

Jerry Silva, R. Ph, President and CEO of Chem Rx, said, "Our new presence in Albany will allow us to better serve some of our existing customers outside the New York metropolitan area and bring our high quality of service to new customers in a geographic region that we have not previously been able to reach."

J. Jay Lobell, CEO of Paramount Acquisition Corp., said "Chem Rx continues to move forward with its strategic objectives and has demonstrated its ability to expand its offerings into markets previously untapped by the company. This new facility will help Chem Rx further fortify its position as a market leader in the State of New York."

Paramount previously announced its proposed acquisition of Chem Rx, in a press release dated June 4, 2007 which is available as part of the Current Report on Form 8-K originally filed with the
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SOURCE Paramount Acquisition Corp.
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