Nyer Medical Group, Inc. Names New President & CEO To Head Company

BANGOR, Maine, Sept. 28 /PRNewswire/ -- Nyer Medical Group, Inc., today announced that the Board of Directors has named Karen L. Wright to fill the position of President and Chief Executive Officer of the Company previously held by Samuel Nyer since 1991. "Mr. Nyer stepped down as President and Chief Executive Officer of the Company and also resigned other positions he held with Nyer Medical Group. He will now act as Vice President of Mergers & Acquisitions, making way for Ms. Wright," stated a spokesperson for the Company. The spokesperson also stated that "before stepping down, and to further streamline the Company, Mr. Nyer managed to trim overhead and expenses by approximately $500,000 annually. Included in such cost cutting measures was a reduction of Mr. Nyer's own salary by 50% a year."

"I believe these changes will be good for the Company as well as the shareholders," stated Mr. Nyer. "My intention is to continue as Chairman of the Board until my term expires in December 2005. I believe by being involved in mergers and acquisitions I can help move the Company forward."

"I am pleased by the opportunity the Board of Directors has bestowed upon me. I have been associated with Nyer Medical Group, Inc., and its family of subsidiaries since 1985. With my 19 years of involvement and understanding of the Company's operations, coupled with the past 13 years of public entity experience, I believe I can hit the ground running and make a difference," stated Karen Wright.

Karen Wright has been employed by ADCO Surgical Supply Inc., a wholly owned subsidiary of Nyer Medical Group, Inc., since 1985 and Nyer Medical Group, Inc., since 1991. From 1985 through 1987, Ms. Wright served as ADCO's assistant comptroller and from 1987 until present as ADCO's comptroller and treasurer. Ms. Wright has served as treasurer of Nyer Medical Group, Inc., since 1991, vice-president of finance, assistant secretary and Chief Financial officer of the Company since January 1997 and vice-president of operations since 2001. She had served on the Board of Directors of Nyer Medical Group, Inc., from April 1997 to September 2001. Ms. Wright has been serving as a director for Nyle International, Inc., the parent company of Nyer Medical Group, Inc., since 1998. Ms. Wright received her Bachelors of Science Degree in Accounting from Husson College, Bangor, Maine in 1985.

Nyer Medical Group, Inc. is a holding company that operates pharmacies in the greater Boston area and a medical products distribution business which distributes medical equipment and supply products that it markets to hospitals, physicians and nursing homes using relationship-based telemarketing, direct sales personnel, catalogs and the Internet. These orders are filled by the Company's distribution centers located in New England, South Florida and Nevada.

For further information contact Alliance Capital Resources, Inc., Jack Sutton (909) 597-2476.

Safe Harbor under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements in this release that are not historical facts, including, but not limited to, statements regarding trimming overhead and expenses, all changes being good for the Company, moving the Company forward and hitting the ground running and making a difference are forward-looking statements and are subject to risk and uncertainties. Such risk and uncertainties include, but not limited to, sustained profitability and any possible change in our core business. Among the factors that change the anticipated results are changes in the capital equity markets. Nyer does not undertake any obligation to update these forward-looking statements.

Nyer Medical Group, Inc.

CONTACT: Jack Sutton of Alliance Capital Resources, Inc., +1-909-597-2476

Back to news