BANGOR, Maine, Sept. 28 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. today reported that as part of the Company's cost reduction program, that its wholly-owned subsidiary, ADCO, closed its division located in Henderson, Nevada in June 2005. This division had been operating at an approximate $55,000 annual deficit.
Nyer also announced an additional savings of approximately $85,000 for year end June 30, 2006 in personnel reductions.
"It is expected that the closing of the Nevada medical division and personnel staff reductions will reduce our overhead by approximately $140,000 for the year end June 30, 2006," stated Karen Wright, President and Chief Executive Officer of Nyer Medical Group, Inc.
Nyer Medical Group, Inc., is a holding company that operates pharmacies in the greater Boston area and a medical products distribution business that distributes and markets medical equipment and supply products 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 and South Florida.
For further information contact Alliance Capital Resources, Inc., Jack Sutton (909) 597-2476.
Additional information concerning Nyer Medical Group, Inc. may be found on Nyer's website http://www.nyermedicalgroup.com
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 management expecting (a) that staff reductions will result in a savings of approximately $85,000 for fiscal year 2006 and (b) that the annual savings will translate into bottom line profit of approximately $140,000 for fiscal year 2006 are forward-looking statements and are subject to risk and uncertainties. Such risk and uncertainties include, but are 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 for Nyer Medical Group, Inc., +1-909-597-2476
Web site: http://nyermedicalgroup.com//
