Last week, Walgreen (WAG) decided to acquire the assets of 12 Eaton Apothecary pharmacies in the Boston area from D.A.W., Inc., a subsidiary of Nyer Medical Group Inc. (NYER) for approximately $19 million. The acquisition, subject to certain terms and conditions, is expected to close within the next 90 days. Following the transaction, Nyer would liquidate. We believe the acquisition will boost the company’s revenues going forward.

Walgreen’s strong balance sheet has enabled it to grow its business through acquisitions even in the midst of recession. The company generated $852 million in the fourth quarter and $4.1 billion for the year in cash flow from operations, an increase of 55% and 35%, respectively driven by strong drugstore performance, including improved working capital. At the end of the last quarter, Walgreen had $2.1 billion in cash and cash equivalents. We had expected earlier that the company would use the available

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NYER, Nyer Medical Group, Inc.

NYER is a holding company that, through its pharmacy subsidiary, operates pharmacies and provides pharmacy management services to various not-for-profit entities in the greater Boston area.

NYER and its subsidiary D.A.W., Inc. (which does business under the name Eaton Apothecary) entered into a definitive agreement with Walgreen Eastern Co., Inc. for the sale of a substantial portion of DAW’s operating assets, including prescription files and inventory of a total of 12 neighborhood pharmacies which includes the assignment of eight leases, for a purchase price, subject to certain