Proceedings to Affirm Merger Between PharmAthene and Healthcare Acquisition Corp Initiated in Delaware Chancery Court
August 13 2007 - 3:54PM
PR Newswire (US)
ANNAPOLIS, Md., Aug. 13 /PRNewswire-FirstCall/ -- PharmAthene,
Inc., (AMEX:PIP) a biodefense company developing and
commercializing medical countermeasures against biological and
chemical threats, announced today that proceedings have been
initiated with the Delaware Chancery Court to affirm the validity
of the merger between Healthcare Acquisition Corp. and PharmAthene.
"We hope that the Court of Chancery will determine that the Merger
was validly approved and consummated so that PharmAthene may, in
accordance with the desires of an overwhelming majority of its
stockholders, make use of the funds held in escrow towards the
furtherance of its business plan. We remind you that the action
initiated by our shareholder is intended to seek affirmation from
the court of the validity of the merger, and should not be
interpreted by PharmAthene shareholders as a challenge to the
merger," said David P. Wright, President and Chief Executive
Officer of PharmAthene. The certificate of merger was filed on
August 3, 2007. Shares of PharmAthene began trading on the American
Stock Exchange on August 7, 2007, under the symbol 'PIP' and
'PIP-WT' for the company's warrants. Additional Information HAQ AND
PHARMATHENE CLAIM THE PROTECTION OF THE SAFE HARBOR FOR "FORWARD-
LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS ARE
STATEMENTS THAT ARE NOT HISTORICAL FACTS. SUCH FORWARD-LOOKING
STATEMENTS, BASED UPON THE CURRENT BELIEFS AND EXPECTATIONS OF
MANAGEMENT OF HAQ AND PHARMATHENE REGARDING, AMONG OTHER THINGS,
THE POTENTIAL DETERMINATIONS BY A COURT OF CHANCERY IN DELAWARE AS
TO THE VALIDITY OF THE APPROVAL OF THE MERGER, WHICH CANNOT BE
PREDICTED WITH CERTAINTY. NO ASSURANCES CAN BE GIVEN THAT OTHER
PARTIES WILL NOT OPPOSE CONFIRMATION OF SUCH VALIDITY. IN THE EVENT
THAT THE DELAWARE COURT OF CHANCERY DOES NOT AFFIRM SUCH VALIDITY,
PHARMATHENE COULD BE REQUIRED TO LIQUIDATE ANY FUNDS THEN HELD IN
TRUST. THIS PROCEEDING WILL NOT AFFECT THE DISTRIBUTION OF THE
TRUST FUND TO STOCKHOLDERS WHO ELECTED CONVERSION. About
PharmAthene, Inc. PharmAthene is a biodefense company formed in
2001 to meet the critical needs of the United States by developing
biodefense products. PharmAthene is dedicated to the rapid
development of important and novel biotherapeutics to address
biological pathogens and chemicals that may be used as weapons of
bioterror. PharmAthene's lead programs include Valortim(TM) and
Protexia(R). For more information on PharmAthene, please visit its
website at http://www.pharmathene.com/. DATASOURCE: PharmAthene
CONTACT: Stacey Jurchison of PharmAthene, Inc., +1-410-269-2610,
Web site: http://www.pharmathene.com/
Copyright