BURNABY, BC, April 8 /CNW/ - Welichem Biotech Inc. ("Welichem" or the
"Company") (TSX-V: WBI) announces that the Company held its special meeting of
shareholders (the "Special Meeting") on Monday, April 6, 2009. The Company's
shareholders passed a special resolution to approve the proposed consolidation
of all of the Company's issued and outstanding common shares on the basis of
one post-consolidation common share for every 10 pre-consolidation common
shares. The name of the Company will not be changed in conjunction with the
proposed share consolidation.
The special resolution approving the proposed share consolidation
received the affirmative votes of approximately 93% of the common shares of
the Company cast at the Special Meeting. The special resolution authorizes the
Company's board of directors to determine, in its sole discretion, whether and
when to implement the share consolidation within six months of the special
resolution. Implementation of the proposed share consolidation is also subject
to the acceptance of the TSX Venture Exchange.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded biotechnology company
developing therapeutic drugs in the fields of autoimmune diseases and cancer.
For a more complete business and financial profile of the Company, interested
parties are encouraged to visit the Company's website, www.welichem.com.ON BEHALF OF THE BOARD
Tan Xiangdong, Chairman of the BoardThe TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release. This press release contains forward-looking statements that include
our belief as to the effects of the proposed share consolidation. Certain
risks and uncertainties such as our ability to successfully complete the share
consolidation could cause the Company's actual results to differ materially
from those in the forward-looking statements.
%SEDAR: 00021386E
For further information: Genhui Chen, Chief Executive Officer, Tel.:
(604) 432-1703, Email: gchen@welichem.com
