CareRx to Open State-of-the-Art Pharmacy in British Columbia

TORONTO, Oct. 1, 2024 /CNW/ - CareRx Corporation ("CareRx" or "the Company") (TSX: CRRX) today announced that it will be opening a new state-of-the-art pharmacy in North Burnaby, British Columbia.

This new pharmacy fulfillment centre is designed to enhance service delivery for the homes and residents serviced by CareRx throughout the B.C. lower mainland, while improving the employee experience, through optimized workflows, streamlined operations and leading-edge medication packaging technology. Notably, this location will utilize an advanced high-volume medication packaging technology, allowing for the processing of significantly higher prescription volumes, while enhancing safety and reducing waste.

With this expansion, CareRx will be consolidating its existing Burnaby and Vancouver pharmacy operations into the new North Burnaby location, commencing in early December 2024. The transition is expected to be completed by the end of Q1 2025.

"Following the success of our first high-volume pharmacy in Oakville, Ontario in 2022, we are excited to replicate this model in B.C.," said Puneet Khanna, President and Chief Executive Officer of CareRx. "By uniting our Burnaby and Vancouver pharmacies under one roof, we can leverage enhanced workflows and cutting-edge technology. Furthermore, this supports our commitment to implementing LEAN methodologies, driving efficiencies and further elevating our service offering to our home operator partners and residents."

About CareRx Corporation

CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve approximately 90,000 residents in approximately 1,450 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimens. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.

Forward-Looking Statements

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's general business risks, the Company's exposure to and reliance on government regulation and funding, risks related to employee recruitment and retention, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, reliance on contracts with key care operators and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.

SOURCE CareRX Corporation

For more information, visit www.carerx.ca or contact: Puneet Khanna, President & Chief Executive Officer, CareRx Corporation, [phone]; Neil Weber, Investor Relations, LodeRock Advisors, [phone], [email protected], www.loderockadvisors.com