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AlphaRx International Holdings Limited Terminates Letter of Intent with Pacific Orient Capital Inc.



2/22/2011 8:27:38 AM

HONG KONG, Feb. 22 /PRNewswire-FirstCall/ - AlphaRx, Inc. (OTCBB: ALRX) announced today that the Letter of Intent ("LOI") signed with Pacific Orient Capital Inc. ("Pacific Orient") on April 9, 2010 has been terminated as the parties were not able to satisfy the closing conditions of the proposed transaction. The LOI provided for the acquisition of AlphaRx Canada Limited, a wholly owned subsidiary of the Company and the worldwide marketing rights (except USA, Canada and Europe) of Indaflex by Pacific Orient.

AlphaRx's business plan remains focused on advancing its Indaflex and GAI-122 into clinical trials in China.

About AlphaRx Inc.

AlphaRx is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs which through the application of its proprietary drug delivery technology, offers improved medical benefits and a potential for significant commercial product development. The Company's product candidates address various pharmaceutical markets, including inflammation, stroke and pneumonia.

Forward looking statements:

Safe Harbor statements under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. In addition, any statements that refer to expectations, projections, contingencies, goals, targets or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements and are not statements of historical fact. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release.

SOURCE AlphaRx Inc.


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