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Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

Message: Filed Notice of Intention to Make a Proposal Under the Bankruptcy & Insolvency
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Filed Notice of Intention to Make a Proposal Under the Bankruptcy & Insolvency

posted on Apr 15, 2009 01:11AM
April 14, 2009
PharmEng Has Filed Notice of Intention to Make a Proposal Under the Bankruptcy & Insolvency Act (Canada)
TORONTO, ONTARIO--(Marketwire - April 14, 2009) - PharmEng International Inc. (TSX VENTURE:PII) together with certain of its wholly-owned subsidiaries (collectively, the "Company" or "PharmEng"), today announced that it has filed a Notice of Intention ("NOI") to make a Proposal under the Bankruptcy & Insolvency Act (Canada) (the "BIA").

The Company also announces that notices of default have been provided to the Company as of April 9, 2009 and April 13, 2009 in relation to two of its credit obligations for an aggregate of approximately $7 million. One of the Company's creditors, BHC Interim Funding II, L.P. has provided notice to the Company that it elects to exercise its voting power pursuant to a stock pledge agreement that it entered into with the Company dated December 21, 2007. The Company is also in default under its credit facility and term loan with Landsbanki Islands h.f. in the aggregate amount of approximately $14 million.

A. Farber & Partners Inc., a licensed trustee, has accepted its appointment as trustee under the Proposal of the Company. Further information about the proceedings will be available later today on Trustee's web site at www.afarber.com.

PharmEng's day-to-day operations will continue uninterrupted throughout the NOI process while the Company undertakes to restructure and implement a plan of reorganization of the Company. The objective of filing the NOI is to regain the Company's financial footing. Of paramount importance to the Company is to retain its customers throughout the process by providing no disruption to service levels.

About PharmEng International Inc.

PharmEng International Inc., headquartered in Toronto, Canada, is a full-service consulting and contract manufacturing company that serves the pharmaceutical and biotechnology industries in North America and internationally. Consulting services include project management, engineering, GMP, validation, calibration, regulatory compliance and certified training. Contract manufacturing includes pharmaceutical support, formulation development, laboratory testing, and finished solid dosage and liquid products. PharmEng's shares trade on the TSX Venture Exchange under the symbol PII. To find our more about PharmEng International Inc. (TSX-V: PII), visit our website at www.pharmeng.com.
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