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

outh Carolina Department of Insurance to enter into and conclude a settlement with DAKOTACARE, resolving all potential claims and liabilities to DAKOTACARE, including those related to the South Dakota Special Needs Plan in which not only LakeShore, but also QMed and certain QMed subsidiaries, including QMedCare Dakota LLC and QMedCare, Inc., had been involved. The settlement involves a payment of $750,000 to DAKOTACARE, and the release by DAKOTACARE of claims against LakeShore, as well as any claims against the Company and its subsidiaries. The Company anticipates that, with this settlement and certain additional steps, it will wind down the businesses of the subsidiaries involved in the South Dakota project, specifically, QMedCare Dakota LLC, LakeShore and QMedCare, Inc.

LakeShore, the Company's captive insurance subsidiary, currently has approximately $794,000, of which, LakeShore is in the process of obtaining releases to fund this settlement obligation as well as certain costs associated with the dissolution of this subsidiary. As a result of this settlement, the Company will record in the fourth quarter of 2007, a non-cash reversal in connection with previously recorded liabilities of approximately $7.4 million, primarily related to its incurred but not reported medical expenses. Additionally, since the Company is discontinuing its Special Needs Insurance activities, it will record a charge in the fourth quarter of 2007 totaling approximately $900,000 related to the write-down of impaired assets.

"We are pleased that this matter has been resolved," said Jane Murray, QMed's Chief Executive Officer.

"With the Investors' investment, and the settlement of the South Dakota related liabilities, QMed will continue to pursue strategic alternatives with its advisors while remaining singularly focused on its core disease management and health informatics business," said Jane Murray, QMed's Chief Executive Officer.

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