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Message: Sales Process Initiated for the Assets of PharmEng International Inc

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Sales Process Initiated for the Assets of PharmEng International Inc

posted on May 15, 09 08:37AM

May 15, 2009

Sales Process Initiated for the Assets of PharmEng International Inc., Keata Pharma Inc. and PharmEng Technology Inc.

TORONTO, ONTARIO--(Marketwire - May 15, 2009) - PharmEng International Inc. (TSX VENTURE:PII) announces that pursuant to an order of the Ontario Superior Court of Justice dated May 5, 2009, A. Farber & Partners Inc. ("Farber"), of Toronto, Ontario has been appointed the interim receiver of the assets and businesses of PharmEng International Inc., Keata Pharma Inc. and PharmEng Technology Inc. (collectively, "PharmEng") for the purpose of marketing the companies' assets and businesses for sale.

On April 14, 2009, PharmEng initiated reorganization proceedings under the Bankruptcy and Insolvency Act and Farber was named as the companies' proposal trustee in those proceedings. The appointment of Farber as interim receiver is part of the reorganization process and is intended to market and maximize the value of PharmEng's business and assets. Farber will not be taking control of PharmEng's business and, during this process, Keata Pharma's facility in Arnprior, Ontario and PharmEng Technolgy Inc's consulting business will continue to carry on business in the ordinary course under the companies' management.

With regard to the Keata Pharma facility in North Sydney, Nova Scotia, Farber will work in consultation with Enterprise Cape Breton Corporation and other secured creditors in an effort to sell the North Sydney plant to potential strategic buyers.

Offers for PharmEng's businesses are to be submitted to Farber by no later than 5:00 p.m. (Toronto time) on June 3, 2009.

Further information with respect to PharmEng's reorganization proceedings and the sales process can be found on Farber's website at www.farberfinancialgroup.com.