Spencer Pharmaceutical Receives $500,000 Deposit From Al-Dorra
December 21 2010 - 9:00AM
Marketwired
Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that
it has received the $500,000 deposit from Al-Dorra as an ongoing
process to close the $245 million buyout.
According to the company, a third party corporate finance
advisory firm working with Al-Dorra has provided a non-refundable
deposit to the company in the amount of $500,000 to be used for
ongoing business expenses and expenses related to the buyout offer
including but not limited to legal fees.
"We are pleased that the next anticipated step in the process of
the buyout offer is completed," said Dr. Max Arella, President of
Spencer Pharmaceutical Inc. "We intend to continue to update our
shareholders on the progress of the buyout offer as it is presented
to us."
About Spencer Pharmaceutical Inc.
Spencer Pharmaceutical Inc. is a US-based Pharmaceutical
Research and Development Corporation, which is developing
innovative drug release and absorption systems for the treatment of
metabolic diseases such as diabetes and metabolic syndrome.
Important Information 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.
Contact: Dr. Max Arella President Spencer Pharmaceutical
Inc. Tel. 1+(617) 973-5017
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