PharmEng International Inc.
TSX VENTURE : PII

PharmEng International Inc.

May 19, 2006 12:00 ET

PharmEng Names Lawrence Tjan as Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - May 19, 2006) - PharmEng International Inc. (TSX VENTURE:PII), today announced that it has named Lawrence Tjan chief financial officer effective May 1, 2006.

"Lawrence has the knowledge and experience to help guide our company as it continues to grow and implement new initiatives," explains Alan Kwong, President and Chairman of PharmEng.

Prior to joining PharmEng, Lawrence held various positions within Vodafone Group plc. in addition to Coopers & Lybrand's in their IT and management consulting groups. Lawrence has extensive project management, organizational and strong technical skills in accounting, finance and information systems. He graduated from the University of Waterloo with a Bachelor of Arts in Chartered Accountancy and holds the C.A. designation.

At a Board meeting held on May 17, 2006 the Board authorized the issuance of common shares from treasury to two directors in lieu of cash fees payable to such directors for fiscal 2005 aggregating $15,000 and in lieu of cash consulting fees payable to a consultant in lieu of consulting services performed in fiscal 2005 aggregating $45,000. The deemed issue price for the common shares is $0.65 per share, being the closing trading price of the common shares on May 16, 2006.

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 services. Contract manufacturing includes pharmaceutical support, formulation development, analytical methods development, laboratory testing, and finished solid dosage and liquid products. Building on a foundation of over eight years of successful consulting, PharmEng in combination with its wholly owned manufacturing subsidiary, Keata, has evolved into one of Canada's leading pharmaceutical companies. 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.

Contact Information

  • PharmEng International Inc.
    Charles Ivey
    Vice President, Corporate Development
    (905) 415-3922 x 116
    charles.i@pharmeng.com