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Graymark Healthcare Agrees to Sell Pharmacy Division to Walgreens Creating Pure Play Sleep Apnea Company
Date:9/1/2010

OKLAHOMA CITY, Sept. 1 /PRNewswire-FirstCall/ -- Graymark Healthcare, Inc. (Nasdaq: GRMH) today announced a definitive agreement under which Walgreen Co. will acquire substantially all of the assets of ApothecaryRx, the independent pharmacy division of Graymark Healthcare. Graymark expects to realize a total enterprise sale value of approximately $35 million including retained AR, expenses and proceeds from the liquidation of remaining ApothecaryRx assets.

The transaction is subject to customary regulatory conditions and would include all 18 ApothecaryRx stores located in five states. The parties anticipate that the transaction will close in the fourth quarter of calendar year 2010.

"The divestiture of our pharmacy division will allow us to put full focus on our sleep apnea business and to continue to grow that segment both organically and through acquisitions," said Stanton Nelson, Chairman and CEO of Graymark Healthcare. "Rapid growth in the sleep segment, strong margins and the lack of a definitive market leader in the sleep apnea space makes this a very desirable area for our focus and investment," Nelson continued.

ApothecaryRx was founded in 2006 and purchased large successful independent retail pharmacies retaining their local identities and community focus. "After examining all the choices, we believe that these stores will now best be positioned to succeed and continue to serve the needs of their communities within the Walgreens family," added Nelson.

In 2009 Graymark Healthcare launched the nation's first comprehensive care model for the diagnosis, treatment and continued support of patients with obstructive sleep apnea. It has grown into one of the l
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SOURCE Graymark Healthcare, Inc.
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