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PharmEng International Inc.: PharmEng Announces Corporate Changes

^{Published on 2009-04-13 05:22:50, Last Modified on 2009-04-13 05:23:34 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - April 13, 2009) - PharmEng International Inc. (the "Company") (TSX VENTURE:PII) today announced as part of its ongoing efforts to restructure the Company that it has decided to reduce corporate costs. Effectively immediately, the CEO took a 50% salary reduction and the Company's CFO Brian Fielding, Vice-President of Marketing John Durham and Vice-President Charles Ivey have left the Company.

In addition to reducing the size of its management team, the Company announces that Bernard Boudreau, Edgar Parker, Aditya Jah, Vasu Chanchlani and Michael Sefton have all resigned from the board of directors of the Company effective immediately.

The Company would like to sincerely thank all of the departing members of management and the board of directors for their service and dedication to the Company over the past years.

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. For more information about PharmEng, please visit the Company's website at [ www.pharmeng.com ].

FORWARD LOOKING STATEMENTS

Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of PharmEng to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by PharmEng with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of PharmEng to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction actual results.