PharmEng has Received Notice of Reclassification to Tier 2 Issuer Status
TORONTO, ONTARIO--(Marketwire - April 21, 2009) - PharmEng International Inc. (TSX VENTURE: PII) (the "Company"), today announced that on April 15, 2009 it received notice that the TSX Venture Exchange (the "Exchange") has issued a bulletin reclassifying the Company from Tier 1 to Tier 2 effective April 17, 2009.
Pursuant to the policies of the Exchange, once an issuer has been classified as Tier 2, they must remain at Tier 2 for a minimum of 6 months prior to the Exchange accepting an application for graduation to Tier 1. To retain Tier 2 status, a Tier 2 issuer must continue to meet the applicable Tier 2 maintenance requirements, or the issuer may be put on notice to be transferred to NEX.
The Exchange has also placed the Company on notice for suspension of its shares from trading for failing to comply with certain Exchange requirements relating to the minimum number of directors required for a listed issuer. The Company has been given a deadline of April 29, 2009 to remedy such deficiency, otherwise the Exchange will issue a bulletin suspending the trading of the shares of the Company without further notice.
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.
PharmEng International Inc.
(905) 415-3922 Extension 123