Familymeds Announces Worksite Pharmacy(SM) Contract with Toyota
Familymeds to Operate an On-Site Pharmacy at Toyota's New Truck Plant in San Antonio, Texas
FARMINGTON, Conn., Nov. 9 /PRNewswire-FirstCall/ -- Familymeds Group, Inc. (Nasdaq: FMRX), a specialty pharmacy and medical specialty product provider, today announced that it has signed a contract with Toyota (NYSE: TM) to operate a Worksite Pharmacy(SM) at Toyota's new truck plant in San Antonio, Texas. Familymeds' on-site pharmacy will open January 2, 2007 to exclusively service Toyota team members, participating on-site suppliers and their dependants.
Ed Mercadante, R.Ph., Chairman and Chief Executive Officer of Familymeds, stated, "We are extremely pleased and excited to work with Toyota and to be a part of its new, world-class facility in San Antonio. Toyota's corporate culture emphasizes employee health and wellness, and innovative approaches to benefits are a priority throughout the international organization. This new partnership, coupled with the ongoing success of our Worksite Pharmacy initiative, underscores our commitment to value for major employers like Toyota as well as Familymeds and our shareholders."
Familymeds operates and locates Worksite Pharmacies for large employers seeking to control overall healthcare costs and employee prescription drug benefit expenditures while maintaining high employee satisfaction through improved accessibility and convenience. Familymeds' Worksite Pharmacies are full service pharmacies that operate at an employer's work site and serve only the host company's employees, retirees, and their dependents.
Under the contract with Toyota, Familymeds will operate a full service pharmacy at the site of Toyota's newly constructed plant in San Antonio. The plant, which is scheduled to begin operations next week, will employ approximately 2,000 Toyota personnel.
"We are thrilled to contract with a leading company like Toyota for our third Worksite Pharmacy," said Rees Pinney, Senior Vice President of Employer Sponsored Pharmacy for Familymeds. "We view this as a major milestone achievement that exemplifies our targeted strategy for growth. We believe our proven model will provide significant savings for Toyota while offering an enhanced healthcare experience for team members at the new Texas facility."
The Toyota Worksite Pharmacy in San Antonio will offer prescription medications, home medical equipment and supplies, and a selection of over-the- counter medications, vitamins and nutritional supplements. The pharmacy will be located adjacent to other health care providers, including primary care and fitness, in the Toyota Family Health Center.
Familymeds currently operates a Worksite Pharmacy in the employee center of the Mohegan Sun Casino in Uncasville, Connecticut and at The Scotts Company LLC headquarters in Marysville, Ohio. Combined, these employer sponsored locations have more than 30,000 employees and dependents as potential patients.
About Familymeds Group, Inc.
Familymeds Group, Inc. is a pharmacy and medical specialty product provider formed by the merger on November 12, 2004 of DrugMax, Inc. and Familymeds Group, Inc. Familymeds works closely with doctors, patients, managed care providers, medical centers and employers to improve patient outcomes while delivering low cost and effective healthcare solutions. The Company is focused on building an integrated specialty drug platform through its pharmacy and specialty pharmaceutical operations. Familymeds operates 85 locations, including 7 franchised locations, in 14 states under the Familymeds Pharmacy and Arrow Pharmacy & Nutrition Center brand names. The Company also operates Worksite Pharmacy(SM), which provides solutions for major employer groups, as well as specialty pharmaceutical distribution directly to physicians and other healthcare providers. The Familymeds platform is designed to provide services for the treatment of acute and complex health diseases including chronic medical conditions such as cancer, diabetes and pain management. The Company often serves defined population groups on an exclusive, closed panel basis to maintain costs and improve patient outcomes. Familymeds offers a comprehensive selection of brand name and generic pharmaceuticals, non-prescription healthcare-related products, and diagnostic supplies to its patients, physicians, clinics, long-term care and assisted living centers. More information can be found at http://www.familymedsgroup.com. The Company's online product offering can be found at http://www.familymeds.com.
Safe Harbor Provisions
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Familymeds Group, Inc., including those contained herein, that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its directors or its officers about the Company and the industry in which it operates, and include among other items, statements regarding its ability to regain compliance with Nasdaq's listing standards and its business and growth strategies. Although Familymeds Group, Inc. believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When used in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements. Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, management's ability to successfully implement its business and growth strategies, including its ability to raise additional capital. Familymeds Group, Inc. disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Brandi Piacente, The Piacente Group
212-481-2050; brandi@thepiacentegroup.com
Cindy Berenson, Familymeds Group, Inc.
860.676.1222 x138; berenson@familymeds.com
SOURCE Familymeds Group, Inc.