PharmEng Obtained Court Approval for the Sale of the Consulting Business Assets
TORONTO, ONTARIO--(Marketwire - July 28, 2009) - PharmEng International Inc. together with certain of its wholly-owned subsidiaries (collectively, the "Company" or "PharmEng"), today announced that it obtained court approval for the sale of the consulting business assets on July 22, 2009, and the closing of the transaction occurred on Monday July 27, 2009.
The sale process was supervised by A. Farber & Partners Inc., in its capacity as court appointed Interim Receiver of PharmEng. PharmEng's manufacturing operations will carry on and the Company continues to restructure and implement a plan of reorganization for its manufacturing operations.
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.
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.
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