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Paramount Acquisition Corp. Announces Record Date of October 1, 2007 for Proposed Acquisition of Chem Rx
Date:9/26/2007

NEW YORK, Sept. 26 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW) announced today that a special committee of its board of directors has established the close of business on October 1, 2007 as the record date to determine Paramount's stockholders who will be entitled to receive notice of and to vote at a special meeting of Paramount's stockholders to be held to consider and vote on the previously announced acquisition of Chem Rx, a major privately-owned long-term care pharmacy based in Long Beach, New York. The date, time and place of the special meeting will be announced in advance of the filing of Paramount's definitive proxy statement for the meeting.

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, upstate New York, 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 61,000 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 $53 million through its initial public offering consummated in October 2005 and exercise of the over-allotment option, and has dedicated its attention since the offering to seeking and evaluating business combination opportunities.

Paramount Acquisition Corp. is an affiliate of Paramount BioScien
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SOURCE Paramount Acquisition Corp.
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