WEX ANNOUNCES COMPLETION OF AMALGAMATION

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
V6C 1G8

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

 

Profil de l'entreprise

WEX Pharmaceutical Inc.

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