BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

PharmEng (PII.V) Has Filed Notice of Intention to Make a Proposal Under the Bankruptcy & Insolvency Act (Canada)


4/15/2009 10:46:55 AM

TORONTO, ONTARIO--(Marketwire - April 14, 2009) - PharmEng International Inc. (TSX VENTURE: PII) together with certain of its wholly-owned subsidiaries (collectively, the "Company" or "PharmEng"), today announced that it has filed a Notice of Intention ("NOI") to make a Proposal under the Bankruptcy & Insolvency Act (Canada) (the "BIA").

The Company also announces that notices of default have been provided to the Company as of April 9, 2009 and April 13, 2009 in relation to two of its credit obligations for an aggregate of approximately $7 million. One of the Company's creditors, BHC Interim Funding II, L.P. has provided notice to the Company that it elects to exercise its voting power pursuant to a stock pledge agreement that it entered into with the Company dated December 21, 2007. The Company is also in default under its credit facility and term loan with Landsbanki Islands h.f. in the aggregate amount of approximately $14 million.

A. Farber & Partners Inc., a licensed trustee, has accepted its appointment as trustee under the Proposal of the Company. Further information about the proceedings will be available later today on Trustee's web site at www.afarber.com.

PharmEng's day-to-day operations will continue uninterrupted throughout the NOI process while the Company undertakes to restructure and implement a plan of reorganization of the Company. The objective of filing the NOI is to regain the Company's financial footing. Of paramount importance to the Company is to retain its customers throughout the process by providing no disruption to service levels.

About PharmEng International Inc.

PharmEng International Inc., headquartered in Toronto, Canada, is a full-service consulting and contract manufacturing company that serves the pharmaceutical and biotechnology industries in North America and internationally. Consulting services include project management, engineering, GMP, validation, calibration, regulatory compliance and certified training. Contract manufacturing includes pharmaceutical support, formulation development, laboratory testing, and finished solid dosage and liquid products. PharmEng's shares trade on the TSX Venture Exchange under the symbol PII. To find our more about PharmEng International Inc. (TSX-V: PII), visit our website at www.pharmeng.com.

FORWARD LOOKING STATEMENTS

Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of PharmEng to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by PharmEng with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of PharmEng to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.


Contacts:
PharmEng International Inc.
Alan Kwong
(905) 415-3922 Extension 123



Read at BioSpace.com

PharmEng
 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES