MONTREAL, Feb. 23 /CNW/ - Pharmagesic (Holdings) Inc. ("Pharmagesic")
announced today that the offer by its wholly-owned subsidiary, 7735308
Canada Limited (the "Offeror" and, together with Pharmagesic, the
"Offering Parties") to acquire all of the outstanding restricted voting
shares (the "WEX Shares") of WEX Pharmaceuticals Inc. ("WEX") not
already owned by Pharmagesic for C$0.14 cash per WEX Share (the
"Offer") has been extended to 5:00 p.m. (Vancouver time) on March 10,
The total number of shares deposited under the Offer was 6,020,562. The
Offering Parties have instructed the depositary to take-up and pay for
such shares, which, when added to the WEX Shares previously held,
amount to a total of 398,441,596 WEX Shares, representing 89.989% of
the WEX Shares outstanding.
A formal notice of extension will be mailed to WEX shareholders as soon
WEX shareholders who have already deposited their WEX Shares to the
Offer do not need to take any further action to accept the Offer.
Shareholders who have not yet deposited their WEX Shares in acceptance
of the Offer may tender their WEX Shares to the Offer at any time prior
to 5:00 p.m. (Vancouver time) on March 10, 2011.
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development,
manufacture and commercialization of innovative drug products to treat
pain. WEX's principal business strategy is to derive drugs from
naturally occurring toxins and develop proprietary products for the
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 Pharmagesic or WEX'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 Pharmagesic.
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:
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