NCRX Neighborcare (MM)

NeighborCare Completes Acquisition of Quest Total Care Pharmacy BALTIMORE, Nov. 2 /PRNewswire-FirstCall/ -- NeighborCare, Inc. (NASDAQ:NCRX) announced today that it has closed the acquisition of Quest Total Care Pharmacy of Longview, Texas. Quest Pharmacy is a growing, long term care (LTC) pharmacy serving skilled nursing and assisted living facilities in Texas. The business being acquired currently generates revenue of approximately $16 million on an annualized basis and serves approximately 4,000 beds. Financial terms of the transaction were not disclosed. Charles W. Putnam, Chief Executive Officer of Quest Pharmacy said, "We are very pleased to be part of the NeighborCare family. When we evaluated various options for our business we quickly discovered that NeighborCare's outstanding reputation and unique approach to the institutional pharmacy market made them our clear choice for a partner. In addition, we were particularly impressed with NeighborCare's passion and commitment to customer service and support, a core value at Quest, and one that will continue with NeighborCare." Putnam added, "As part of the NeighborCare organization, we know that our customers will have best in class services and programs to serve their residents and achieve their business objectives." John J. Arlotta, NeighborCare's Chairman, President and Chief Executive Officer said, "I am very happy to welcome Quest Pharmacy into the NeighborCare family. Their facilities in Texas are a natural complement to our recent acquisition in Tyler, Texas, and meet our business objective of acquiring companies in highly desirable markets. This acquisition is part of our previously announced plans to grow our business both organically and through strategic acquisitions." About NeighborCare, Inc. NeighborCare, Inc. (NASDAQ:NCRX) is one of the nation's leading institutional pharmacy providers serving long term care and skilled nursing facilities, specialty hospitals, assisted and independent living communities, and other assorted group settings. NeighborCare also provides infusion therapy services, home medical equipment, respiratory therapy services, community-based retail pharmacies and group purchasing. In total, NeighborCare's operations span the nation, providing pharmaceutical services in 32 states and the District of Columbia. Visit our website at http://www.neighborcare.com/. Statements made in this document, our website and in our other public filings and releases, which are not historical facts contain "forward-looking" statements (as defined in the federal securities laws) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "may," "target" and similar expressions. Such forward looking statements include, without limitation, statements regarding the effect of the spin-off on our operations, expected changes in reimbursement rates and inflationary increases in state Medicaid rates, expected bed count, expected SG&A expense, anticipated restructuring charges and estimates of timing and costs savings related to cost improvement initiatives. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; changes in pharmacy legislation and payment formulas; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which NeighborCare operates. Our Business, operations or results could also be affected by and the effects of Omnicare's tender offer or its pendency on the company and its business, employees, customers and suppliers. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. DATASOURCE: NeighborCare, Inc. CONTACT: Investor: Tania Almond, Investor Relations, +1-410-528-7555; Media: Dan Gagnier or Alex Eule, both of Citigate Sard Verbinnen, +1-212-687-8080, for NeighborCare, Inc. Web site: http://www.neighborcare.com/

Copyright