Paramount Acquisition Corp. Announces Signing of Definitive Agreement to Acquire Chem Rx, an Institutional Pharmacy Leader
NEW YORK, June 4 PRNewswire-FirstCall — Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a special purpose acquisition corporation ("SPAC"), announced today the signing of a definitive agreement to acquire Chem Rx, a major privately-owned long-term care pharmacy based in Long Beach, New York.
Under the terms of the agreement, Paramount will acquire all of the outstanding capital stock of Chem Rx ("Chem Rx" or the "Company") for $133.0 million in cash, and will issue 2,500,000 shares of Paramount common stock to the selling shareholders, who will, as a group, have the largest ownership interest in Paramount based on current holdings. The selling shareholders will also be entitled to additional consideration of up to $12.5 million cash and 9,000,000 shares of Paramount common stock upon the achievement of certain financial and share price milestones between 2007 and 2011.
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