KUWAIT--(Marketwire - 01/20/11) - Al-Dorra Holdings, a privately held Kuwaiti company, announced today the intent to IPO its newly formed subsidiary Hail First Pharma Inc. in the first quarter of this year.
According to the company, Hail First Pharma Inc. is the result of several acquisitions and or joint-ventures with international pharmaceutical companies including but not limited to Spencer Pharmaceutical Inc., a public traded company listed on the US OTC Markets (Pinksheets:SPPH - News). Hail First Pharma is poised to become the leading pharmaceutical of the Middle East with plans on developing a state-of-the-art research center in the Prince Abdulaziz bin Mousaed Economic City in the Northern province of Hail Saudi Arabia.
"The acquisitions, joint-venture as well as the financial participation from various regional and international partners will make this IPO a tremendous success," said Hussain Al-Awaid, President of Al-Dorra. "The recently announced acquisition of Spencer Pharmaceutical will provide a platform for development and enable us to immediate market a diabetic drug to the region desperately in need," further added Mr. Al-Awaid.
About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.