Tuesday, February 9, 2010

Nyer Medical delisting paves way for dissolution

By Mass High Tech staff

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Nyer Medical Group Inc., a Holliston-based holding company with medical supplies businesses, has announced plans to voluntarily de-list its securities from the Nasdaq Stock Market and to move forward with dissolving the company.

The company said that it had requested that Nasdaq suspend trading effective at the close of business on Feb. 1 and that it was filing the U.S. Securities and Exchange Commission paperwork to have its stock delisted, with any further trading being in the over-the-counter market.

Nyer said that it made the moves following the closing of sales of substantially all of its assets, including neighborhood pharmacies to Walgreens, in deals dating back to October.

Nyer said that as a result of the sales, Nyer has no remaining assets other than the cash received from the transactions. It expects to complete its dissolution in about 90 days.

Nyer’s businesses included the Eaton Apothecary chain of pharmacies and ADCO, a distributor of medical and surgical supplies.