ROCKY MOUNT, NC--(Marketwire - 03/29/11) - PharmStar Pharmaceuticals, Inc. (Pinksheets:BMGI - News) (formerly known as Big Star Media Group, Inc.), a U.S. drug developer, manufacturer and marketer of the FDA-approved, Over-the-Counter (OTC) liquid pain reliever Aquaprin™, announced today that the Company’s Board of Directors has filed a corporate resolution to reduce the number of common shares that the company may issue to approximate the current total outstanding shares. Furthermore, the resolution calls for changing the par value of its common shares up to $.025. The Company is in the process of amending its corporate charter to reflect these changes per the resolution.
At present, there are total of 961,188,847 restricted shares outstanding, of which over 97% were issued pursuant to the acquisition of PharmStar Pharmaceuticals, Inc. Currently, total unrestricted shares available in the market are 91,495,505.
Howard Phykitt, Pharmstar Chairman and CEO, said, “We believe this recapitalization is in the best interest of our shareholders. PharmStar has no debt and there is an adequate number of issued and outstanding shares for the Company to fulfill its stated business objectives for at least the next six months. Therefore, we want to demonstrate to the market our commitment to keeping our common shares valuable and protected against dilution. At this time, we do not believe that the Company has any significant reason to allow for any dilution to its capital structure for at least the next six months.”
Mr. Phykitt added, “The discipline in our capital structure is the result of many months of forming the Company’s business plan and objectives. As we have previously stated, one of our key objectives is to maximize shareholder value.”
The Company is in the process of formally changing its name with FINRA, and expects this process to be completed within 2-3 weeks. At that time a new ticker symbol will be assigned, which the Company will announce once upon such assignment.
To access the the Company’s financial filings, visit www.OTCMarkets.com/stck/BMGI/financials. Once the latest filings are approved by OTC Markets, the Company will achieve “Current Information” status on the OTC Markets exchange.
About PharmStar Pharmaceuticals PharmStar Pharmaceuticals, Inc. is a U.S.-based drug development, manufacturing and marketing company and the innovator of Aquaprin™, an FDA-approved Over-the-Counter (OTC) liquid pain reliever. In development since 1993 with over $3 million invested to-date, Aquaprin™ is a liquid derivative of aspirin based on a patent-pending formula. The product is designed to dissolve nearly instantly in just 1.5 ounces of water, which can be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset. PharmStar’s headquarters are located in Rocky Mount, NC. For more information, visit www.pharmstarinc.com.
Forward-Looking Statements Disclosure This press release includes “forward-looking statements” within the meaning of the federal securities laws, commonly identified by such terms as “believes,” “will,” “looking ahead,” “anticipates,” “estimates” and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
Contact: PharmStar, Inc. 919-794-7000 Email Contact www.pharmstarinc.com Investor Contact: Email Contact
