CareRx Completes Acquistion of SmartMeds Pharmacy

Apr 1, 2021
8:30am

Acquisition increases the number of residents serviced by 2,400

TORONTO, April 1, 2021 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors communities, announced today that it has closed the previously announced acquisition of SmartMeds Pharmacy Inc. ("SmartMeds"), a pharmacy serving over 2,400 residents in long-term care, assisted living and other institutional settings in Ontario (the "Transaction"). SmartMeds also operates a retail pharmacy located in Burlington, Ontario that was acquired as part of the Transaction.

"We are excited to welcome the SmartMeds team to CareRx," said David Murphy, President and Chief Executive Officer of CareRx. "We look forward to quickly integrating this outstanding organization, providing customers with a seamless transition that adds SmartMeds' reputation for service excellence and its value-added technology offering to CareRx's leading pharmacy services platform."

At closing of the Transaction, CareRx issued the vendors of SmartMeds $4 million of cash and 86,678 common shares of CareRx valued at $475,000, subject to customary closing adjustments.

About CareRx Corporation

CareRx is Canada's leading provider of pharmacy services to seniors communities. We serve over 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.

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