Walgreens Reaches Definitive Agreement with Graymark Healthcare to Acquire Assets of 18 ApothecaryRx Pharmacies in Five States

Published on Wednesday, 01 September 2010 16:38 Written by TradersHuddle Staff

DEERFIELD, Ill.-( Business Wire )-

Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) today announced a definitive agreement with Graymark Healthcare Inc. (NASDAQ: GRMH) in which the company will acquire the assets of 18 ApothecaryRx pharmacies located in Colorado, Oklahoma, Minnesota, Missouri and Illinois. Graymark Healthcare operates its independent retail pharmacy business through ApothecaryRx, LLC, its wholly-owned subsidiary.

“We have a long history of providing high quality pharmacy services in these markets,” said Walgreens operations vice president Bill Miller. “Our staff is dedicated to making the transition as seamless as possible for our new customers. We look forward to introducing them to the unique offerings that have made Walgreens one of the country’s most trusted providers of pharmacy, health and wellness services and daily living needs.”

Among the many pharmacy services that Walgreens provides are 24-hour and drive-thru pharmacies; automatic prescription refill service; prescription text alerts which notify customers via text message when their prescriptions are ready for pickup; prescription labels in 14 different languages; prescription records available at any Walgreens nationwide; and Walgreens Prescription Savings Club, which offers a 90-day supply of more than 400 generic medications for less than $1 a week.

Affected ApothecaryRx patients will be notified upon the transaction’s closing, which is subject to certain terms and conditions and is expected to occur in the fourth quarter of calendar year 2010.

Statements in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to vary materially from those indicated, including: the ability to satisfy the closing conditions and timely consummate the proposed transaction, the ability to successfully integrate the acquired business and realize anticipated synergies, and other factors described in Walgreen's Annual Report on Form 10-K for the year ended August 31, 2009 and its subsequent SEC filings, which risks and uncertainties are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except to the extent required by law, Walgreens disclaims any obligation to update any forward-looking statements after the distribution of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

About Walgreens

Walgreens (www.walgreens.com) is the nation's largest drugstore chain with fiscal 2009 sales of $63 billion. The company operates 7,545 drugstores in all 50 states, the District of Columbia and Puerto Rico. Each day, Walgreens provides nearly 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility, long-term care and mail service, along with pharmacy benefit solutions and respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. Walgreens Take Care Health Systems subsidiary is the largest and most comprehensive manager of worksite health centers and in-store convenient care clinics, with more than 700 locations throughout the country.

Walgreen Co.Michael Polzin(847) 914-2920http://news.walgreens.com