The Paramount (stock symbol: PMQC) have approved the acquisition of Cjhen Rx:
Paramount Stockholders Approve Acquisition of Chem Rx
Monday October 22, 2:31 pm ET
NEW YORK, Oct. 22 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC - News, PMQCU - News, PMQCW - News; "Paramount") announced today that its stockholders have approved the acquisition of all of the issued and outstanding stock of B.J.K. Inc., a New York corporation doing business as Chem Rx (the "Transaction"), at a special meeting held today in New York. It is expected that the Transaction will close by Friday, October 26, 2007.
Of the 11,091,153 Paramount common shares of stock that were voted at the special meeting (representing approximately 93.2% of the shares entitled to vote on the Transaction), 10,393,068, or approximately 87.3% of the total shares outstanding, voted in favor of the Transaction. A total of 697,085 shares issued in Paramount's initial public offering voted against the Transaction, of which 637,075 elected to convert their shares into a pro rata portion of the IPO trust account.
In addition to approving the Transaction, Paramount's stockholders approved certain changes to its certificate of incorporation relating to the Transaction, including changing Paramount's name to "Chem Rx Corporation" upon the closing of the Transaction. Paramount's stockholders also approved Paramount's 2007 Incentive Compensation Plan.
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