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Nyer Medical Group, Inc., Announces Agreements to Sell Certain Eaton Apothecary Assets to Walgreens and Sell Operating Subsidiary's Stock to Investors
Date:10/24/2009

HOLLISTON, Mass., Oct. 23 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc., (Nasdaq: NYER) announced today that D.A.W., Inc., a wholly-owned subsidiary of Nyer which does business under the name Eaton Apothecary, and Nyer entered into a definitive agreement with Walgreen Eastern Co., Inc. for the sale of a substantial portion of DAW's operating assets, including prescription files and inventory of a total of 12 neighborhood pharmacies which includes the assignment of eight leases, for a purchase price, subject to certain adjustments, of $12.0 million plus up to $5.75 million of qualifying inventory and $1.1 million of operating equipment.

In addition, Nyer also announced today that Nyer and DAW entered into a definitive agreement with certain management investors for the sale of the stock of DAW following the closing of the Walgreens transaction, under which Nyer will receive a benefit of $1,500,000 after giving effect to liabilities to be retained by DAW.

In conjunction with these transactions, following which Nyer would have no remaining assets other than the cash received from the transactions, Nyer intends to proceed with the orderly liquidation and dissolution of Nyer Medical Group, Inc.

"As President of DAW and Nyer Medical Group, my primary duty is to maximize shareholder value, which I believe these transactions do," said Mark Dumouchel. "However, I am happy to say that Walgreens' interest in Eaton Apothecary has been beyond buying only pharmacy files -- they will continue to operate a majority of the 12 pharmacies as well as hire all eligible employees at the 12 locations. In addition, the sale of our subsidiary's stock to an investor group insures that virtually all employees will retain their positions while all our customers will continue to receive the quality service to which they have grown acc
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SOURCE Nyer Medical Group, Inc.
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