VANCOUVER, May 5 /CNW/ - Pharmagesic (Holdings) Inc. ("Pharmagesic") and
WEX Pharmaceuticals Inc. (TSX: WXI) ("WEX") jointly announced today
that the previously announced amalgamation (the "Amalgamation") of a
wholly-owned subsidiary of Pharmagesic with WEX has been completed,
following approval by the shareholders of WEX at a special meeting held
on May 4, 2011.
Under the Amalgamation holders of restricted voting shares of WEX ("WEX
Shares") (other than any dissenting shareholders and Pharmagesic)
received one Class A redeemable preferred share of Amalco (a
"Redeemable Preferred Share") for each WEX Share. The Redeemable
Preferred Shares will be redeemed (the "Redemption") by Amalco at 5
p.m. Vancouver time today for $0.14 per share, as described in the
information circular for the special meeting. Payment can be obtained
using the letter of transmittal previously provided to shareholders and
following the procedure therein described.
The Amalgamation, and the Redemption constitute the subsequent
acquisition transaction proposed by Pharmagesic in order to acquire all
of the WEX Shares that Pharmagesic did not acquire pursuant to its
offer for WEX Shares which terminated on March 10, 2011. On completion
of the Redemption later today, Pharmagesic will own all of the
outstanding shares of the amalgamated corporation which is the
successor to WEX. The WEX Shares will be delisted from the Toronto
Stock Exchange at the close of trading today.
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development,
manufacture and commercialization of innovative drug products to treat
pain. The company's principal business strategy is to derive drugs
from naturally occurring toxins and develop proprietary products for
the global market.
About Pharmagesic (Holdings) Inc.
Pharmagesic (Holdings) Inc. is an indirect wholly owned subsidiary of CK
Life Sciences Int'l., (Holdings) Inc. ("CKLS"). CKLS is a company
listed on The Stock Exchange of Hong Kong Limited (stock code: 0775).
Bearing the mission of improving the quality of life, CKLS is engaged
in the business of research and development, manufacturing,
commercialization, marketing and selling of environmental and human
health products, and water business as well as investment in various
financial and investment products. Products developed by CKLS are
categorized into the areas of human health and environmental
sustainability. CKLS is a member of the Cheung Kong Group. For
additional information, please visit www.ck-lifesciences.com.
Forward Looking Statements and Information
Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. Such forward-looking statements and forward-looking information
include, but are not limited to statements concerning the proposal from
Pharmagesic. Such statements and information include statements
regarding the expectation and beliefs of management and appear in a
number of places and often can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include, but are not limited
to statements or information with respect to known and unknown risks,
uncertainties and other factors which may cause the Company's actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements
and information. Such factors include, but are not limited to the
following: the proposal from Pharmagesic. There can be no assurance
that forward-looking statements or information referenced herein will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements or information.
Also, many of the factors are beyond the control of the Company.
Accordingly, readers should not place undue reliance on forward-looking
statements or information. All forward-looking statements and
information made herein, are qualified by this cautionary statement.
SOURCE WEX Pharmaceutical Inc.
For further information:
| WEX Pharmaceuticals Inc.: |
Dr. Bin Huang
President and Chief Executive Officer
Suite 1601-700 West Pender Street
Vancouver, British Columbia
Tel: (604) 683-8880
| Pharmagesic (Holdings) Inc.: |
Mrs. Wendy Tong Barnes
Chief Corporate Affairs Officer
CK Life Sciences Int'l., (Holdings) Inc.
2 Dai Fu Street
Tai Po Industrial Estate
Tai Po, Hong Kong
852 2122 2062