WOODCLIFF LAKE, N.J., Oct. 14 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced the resignation of Gerard A. Martino, executive vice president and chief operating officer.
Earlier today, Par announced a resizing of its generic business as part of an ongoing strategic assessment of the overall business. Mr. Martino will stay on through the transition.
Patrick G. LePore, Par's chairman, chief executive officer and president said, "All of us at Par are grateful to Jerry for the many contributions he has made to the Company. Jerry led us through a very difficult time during our financial restatement and engineered significant improvement to Par's systems, operations and business practices. We wish him success in his future endeavors."
About Par
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2007, in Item 1A of the Company's subsequent Quarterly Reports on Form 10-Q, in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
CONTACT: Allison Wey of Par Pharmaceutical Companies, Inc.,
+1-201-802-4000
Web site: http://www.parpharm.com/
