Bangor woman to lead Nyer Medical Group

BANGOR – Nyer Medical Group, one of the area’s few locally based public companies, this week undertook a change in leadership.

On Tuesday, Karen L. Wright was named president and chief executive officer, assuming the position recently vacated by Samuel Nyer after more than 13 years in those positions.

Nyer will remain as chairman of the board until his term expires in December 2005 and will act as vice president of mergers and acquisitions.

“I believe these changes will be good for the company as well as the shareholders,” Nyer said in a statement. “I believe by being involved in mergers and acquisitions, I can help move the company forward.”

According to a company spokesman, the managerial changes will advance the business on a growth path toward at least $100 million in sales. Last year, Nyer Medical Group posted more than $62 million in sales with a gross profit of more than $13 million. Earnings growth was nearly 106 percent.

“The company’s growing and it’s been growing pretty well since it went public in 1992,” said Jack Sutton of Alliance Capital Resources Inc. of Chino Hills, Calif., which handles public relations for Nyer Medical. “The company would like to go to $100 million. To get there, we need to do more mergers and acquisitions.”

Nyer Medical Group is a holding company with operations in the retail pharmacy business, and in the wholesale and retail sales and distribution of surgical and medical supplies and equipment. Among its businesses are ADCO Surgical Supply Inc., located on Outer Hammond Street in Bangor, ADCO South Medical Supplies and Nyer Internet Cos. Inc. Distribution sites are located in south Florida, Las Vegas and Bangor.

Nyer Medical also owns 80 percent of D.A.W. Inc, which operates a chain of pharmacy drug stores called Eaton Apothecary in suburban Boston.

Besides being president and chief executive officer, Wright continues to hold the position of chief financial officer, a position she has held since 1997. She also remains as director of Nyle International Inc., the parent company of Nyer Medical Group. Nyer Medical is a small cap stock traded on NASDAQ under the symbol NYER.

Wright began her career with Nyer Medical in 1985, when she was hired to be the assistant comptroller of ADCO Surgical Supply. She is a graduate of Husson College.

“With my 19 years of involvement and understanding of the company’s operations, coupled with the past 13 years of public entity experience, I believe I can hit the ground running and make a difference,” Wright said in a statement.

Sutton said Wright is “very astute, very knowledgeable of all of the things going on in the public arenas.”