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QMed, Inc. Announces $750,000 in Financing and Settlement with DAKOTACARE
Date:3/20/2008

ny. The investors will be entitled, in the case of a sale or exchange of all or, under certain circumstances, a majority of the outstanding shares, or an issuance of new shares constituting a majority of the outstanding shares, or a sale of all or substantially all of the Company's assets, to receive, either from the Company or by virtue of the transaction itself, the consideration payable in connection with the transaction on the shares underlying their warrants, or if no consideration is payable with respect to the shares in the transaction (such as in a new issuance of shares or in certain asset sale transactions), the market value of the shares after giving effect to the transaction, in each case net of the exercise price of the warrants. Pursuant to the transaction, the Investors have the right to have two observers present at Board Meetings.

The staff at Nasdaq has informed the Company orally that they are of the opinion that, as Mr. Gargana was a director of QMed (Mr. Gargana resigned as a director on March 18, 2008), this transaction would violate a NASDAQ rule unless shareholder approval were obtained, because the issuance of warrants in the transaction may be deemed compensation. Because of QMed's need for working capital, and because the Company is already in receipt of delisting letters from NASDAQ, QMed has decided to proceed with the transaction without seeking shareholder approval. As a result, the Company's shares may be delisted by Nasdaq. The Company has not yet determined whether it will appeal Nasdaq's or its staff's determination.

This transaction does not involve the assets or operations of QMedCare of New Jersey, Inc., and its HMO operations. The Company and QMedCare of New Jersey, Inc. continue to work with the New Jersey Department of Banking and Insurance on the orderly wind down of operations of the New Jersey HMO.

In an unrelated matter, the Company's LakeShore Captive Insurance subsidiary received approval from the S
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SOURCE QMed, Inc.
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