Spencer Pharmaceutical Inc. Announces Mutually Agreed Extension to the Closing
March 16 2011 - 9:24AM
Marketwired
Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) has requested an
extension to the closing of the buy-out offer to finalize and
release the independent animal research analysis to shareholders
and stakeholders.
The Company is pleased to report that Al-Dorra and its
subsidiary Hail First Pharma have agreed to provide additional
funding to facilitate the completion of the animal studies and
ongoing operational expenses in the amount of $1.2 million. As an
accommodation, Al-Dorra/Hail First Pharma have agreed to postpone
the closing of the buy-out offer and keep the offer open until the
end of the 2nd Quarter, 2011.
In further news, the holders of an additional One-hundred and
three million (103,000,000) shares of common stock have agreed to
tender their common stock in favor of the Al-Dorra buy-out and its
subsidiary Hail First Pharma. This represents, in addition to
management's shares already committed, an aggregate of over 55% of
the issued and outstanding shares in the Company.
"Spencer Pharmaceutical has an obligation to provide full and
fair disclosure in effecting a securities transaction and requires
the additional time to fulfill this requirement," stated Dr. Max
Arella President and CEO of Spencer Pharmaceutical Inc. Furthermore
"We would like to thank the continued support of Al-Dorra and Hail
First Pharma in our mutual efforts to bring this transaction to a
successful conclusion," added Dr. Arella.
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. Although there is an offer currently coming
from a third party, the Company can provide no assurances that the
offer will be made, the timelines achieved, or the minimum offer
will be realized.
Contact: Ian Morrice Executive Vice President and
Director Spencer Pharmaceutical Inc. 1+(617) 973-5017
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