PHCC Priority Healthcare b (MM)

Priority Healthcare Corporation Acquires Integrity Healthcare Services, a Specialty Infusion Pharmacy LAKE MARY, Fla., June 21 /PRNewswire-FirstCall/ -- Priority Healthcare Corporation (NASDAQ:PHCC) announced today that it has entered into a definitive agreement to acquire 100 percent of the outstanding stock of Integrity Healthcare Services, a specialty infusion pharmacy with 23 branches in 16 states. The transaction is expected to close during the next 30 days. "Integrity Healthcare is a very important and strategic acquisition for Priority Healthcare for several reasons. First, it broadens our platform to enable us to provide a greater spectrum of high-touch therapies by establishing a more regional presence with our pharmacy and clinical services. This is important both for current opportunities as well as the significant number of drugs in the biotech pipeline requiring infusion support," said Steve Cosler, President and Chief Executive Officer of Priority Healthcare. "In addition, we will expand our Medicaid presence, strengthen our relationships with physicians in our focus specialties, broaden the therapeutic and disease areas we service, and strengthen our clinical capabilities. We are also very excited that the management team of Integrity Healthcare will join Priority Healthcare to provide leadership for our future growth in this area." Francis "Chip" McNamara, President and Chief Executive Officer of Integrity Healthcare stated, "We are very excited about combining Integrity Healthcare with Priority Healthcare to create a unique and powerful platform in specialty pharmacy. Priority Healthcare will enable us to gain access to more payor lives as well as access to capital to continue to build out our platform throughout the country on a more rapid basis." "Integrity Healthcare has a strong track record of success as evidenced by their 2003 revenues which were approximately $65 million," added Steve Saft, Chief Financial Officer of Priority Healthcare. "The acquisition price is consistent with our historical valuations and the transaction should be accretive to EPS in the fourth quarter of 2004." About Integrity Healthcare Services Integrity Healthcare Services is a specialty infusion company headquartered in Louisville, KY with 23 branches in 16 states in the Midwest and Southern areas of the United States. Integrity Healthcare provides comprehensive programs for patients, payors, and physicians across a number of disease states and conditions including cancer, growth deficiency, hepatitis C, RSV, infections, nutrition deficiency, autoimmune diseases, neurologic disorders, and respiratory and cardiac conditions. Additional information on Integrity Healthcare Services is available at http://www.integrityhealthcare.com/. About Priority Healthcare Corporation Priority Healthcare Corporation is a national specialty pharmacy and distributor that provides biopharmaceuticals, complex therapies, and related disease treatment services. Priority Healthcare provides comprehensive programs for patients, payors, physicians, and pharmaceutical manufacturers for a growing number of disease states including cancer, hepatitis C, respiratory and pulmonary conditions, infertility, rheumatoid arthritis, hemophilia, multiple sclerosis, Parkinson's disease, and macular degeneration. Additional information regarding Priority Healthcare is available online at http://www.priorityhealthcare.com/ Certain statements included in this press release, which are not historical facts, are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our expectations or beliefs and involve certain risks and uncertainties, including those described in our public filings with the United States Securities and Exchange Commission; also including, but not limited to, changes in interest rates, competitive pressures, changes in customer mix, changes in third party reimbursement rates, financial stability of major customers, changes in government regulations or the interpretation of these regulations, changes in supplier relationships, growth opportunities, cost savings, revenue enhancements, synergies and other benefits anticipated from acquisition transactions, difficulties relative to integrating acquired businesses, the accounting and tax treatment of acquisitions, and asserted and unasserted claims, which could cause actual results to differ from those in the forward-looking statements. The forward-looking statements by their nature involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein. http://www.newscom.com/cgi-bin/prnh/20030417/PHCLOGODATASOURCE: Priority Healthcare Corporation CONTACT: Stephen Saft, Chief Financial Officer of Priority Healthcare Corporation, +1-407-804-6700 Web site: http://www.priorityhealthcare.com/ http://www.integrityhealthcare.com/

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