CareRx Signs New Multi-Year Contract with Seniors Home Operator, Adding 1,100 Beds

Dec 2, 2020
7:00am

TORONTO, Dec. 2, 2020 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX) announced today that it has entered into a multi-year pharmacy services agreement with an Ontario-based seniors home operator. The new contract, which commences in January 2021, will add approximately 1,100 new retirement and long-term care residents across 13 seniors housing communities, and is expected to be serviced through CareRx's existing infrastructure.

"This new customer win is further affirmation of CareRx's leadership position in our sector and the differentiated service and value proposition we provide to home operators and their residents across Canada.," said David Murphy, President and Chief Executive Officer of CareRx. "Importantly, by adding these new beds to our existing Ontario fulfilment network, we are able to further capitalize on the significant operating leverage inherent in our platform."

Mr. Murphy added, "In the past nine months, through acquisitions and organic growth, we have successfully added 20,000 new residents, and we believe that we are well positioned to meet our target of 100,000 total beds serviced by 2023."

About CareRx Corporation

CareRx is Canada's leading provider of specialty pharmacy services to seniors. We serve approximately 50,000 residents in over 900 seniors and other communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.

Forward-Looking Statements

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.

SOURCE CareRx Corporation

For further information: visit www.carerx.ca or contact: David Murphy, President & Chief Executive Officer, CareRx Corporation, 416-927-8400; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, 416-519-4196, lawrence.chamberlain@loderockadvisors.com