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Paramount Completes Acquisition of Chem Rx
Date:10/26/2007

NEW YORK, Oct. 26 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW) ("Paramount") announced today it has completed the acquisition of 100% of the outstanding stock of B.J.K. Inc., a New York corporation doing business as Chem Rx ("Chem Rx"), pursuant to a Stock Purchase Agreement, by and among Paramount, Chem Rx and the shareholders of Chem Rx, dated June 1, 2007, as amended. Effective as of the closing of the acquisition, Paramount has changed its name to "Chem Rx Corporation."

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. 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.

Cautionary Statements

This press release contains forward-looking statements about Paramount, Chem Rx and their combined business after completion of the proposed business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements a
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SOURCE Paramount Acquisition Corp.
Copyright©2007 PR Newswire.
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