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Paramount Acquisition Corp. Files Amendment to Preliminary Proxy Statement for Proposed Acquisition of Chem Rx
Date:9/27/2007

NEW YORK, Sept. 27 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a special purpose acquisition corporation ("SPAC"), announced today the filing of a third amendment to the preliminary proxy statement with the Securities and Exchange Commission (SEC) that was originally filed on June 18, 2007. The amended preliminary proxy statement is for a special meeting of stockholders to be held to consider the previously announced acquisition of Chem Rx, a major privately-owned long-term care pharmacy based in Long Beach, New York.

Once the SEC reviews and clears the preliminary proxy statement, Paramount will mail a definitive proxy statement to its stockholders of record on October 1, 2007. The date of the special meeting of stockholders will be announced in advance of the mailing of the definitive proxy statement. For stockholders' general information, the preliminary proxy statement is available from the SEC's website at http://www.sec.gov. Assuming all conditions of the transaction are met, Paramount anticipates completing the transaction on or prior to October 26, 2007.

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
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SOURCE Paramount Acquisition Corp.
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