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8/20/2007 1:15:38 PM
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Xechem International (OTC BB: XKEM) announced today that it has delayed the filing of its Form 10-Q for the quarter ended June 30, 2007. In addition, Dr. Robert Swift, the interim chief operating officer has assumed the position of Chief Oversight Officer, in lieu of the former position, vested with the authority to act on behalf of the Company, pending appointment of a full time chief executive officer. According to, Dr. Swift, “Due to recent changes in personnel at the Company, it is imperative that current management obtain additional financial information before it is prepared to issue financial statements to the public. We are aware of the obligation of the Company to make timely filings of its financial statements both pursuant to its public registration and the loan covenants with respect to the recent convertible debenture issuances (as summarized in prior 8-K filings and which require timely filing of such reports), however, management is not prepared to release financial statements at this time. The Company continues its initiatives to increase productivity at its Xechem Pharmaceuticals Nigeria facility.”
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