PharmEng International Inc.
TSX VENTURE : PII

PharmEng International Inc.

December 19, 2006 12:31 ET

CORRECTION: PharmEng Announces Opening of San Francisco Offices with $1.6 M 'US' in 2006 Contracts and Completion of the Biopharmaceutical Certificate Program in Taiwan

TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) -

In the release issued at 1208 ET there were two typos in the title. San Francisco was spelled San Fransisco and Biopharmaceutical was spelled Biopharmacetical. The complete and correct release follows.

PharmEng International Inc. ("PharmEng" or the "Company") (TSX VENTURE:PII), today announced the opening of new offices in San Francisco, CA along with combined 2006 contracts to date of $1.6 M for the Atlanta, Boston and San Francisco areas. In addition, the Company through the PharmEng Learning Institute ("PLI") completed the delivery of the 24 week Biopharmaceutical certificate program in Taiwan with the graduation of 32 students.

The San Francisco office is situated downtown in the largest concentration of biotech and medical device companies on the west coast. The San Francisco location provides convenient access and cost-efficient travel allowing PharmEng to serve the San Diego, Colorado, Washington and the Oregon areas. The San Francisco office complements the existing Raleigh, NC office opened earlier in the year.

With 2006 contracts for the San Francisco Atlanta and Boston areas of $1.6 M (US) to date, the Company expects to open additional offices in Atlanta and Boston in the first quarter of 2007. These offices will be opened to support significant 2007 consulting revenue growth based on the 2006 revenues.

In Taiwan, the first graduating class of the Biopharmaceutical Certificate completed the 24 week program. The program is sponsored by a grant from the Centre for Disease Control ("CDC") and is delivered in collaboration with the National Health Research Institutes, the University of Waterloo - School of Pharmacy and PharmEng. In the first quarter of 2007, another program will begin in Taiwan with a similar program being launched for the first time in Canada for the domestic market, the Canadian offering also in collaboration with the University of Waterloo.

"Our consulting services have significant growth opportunities in the USA. Despite the temptation to open multiple offices, we remain strict to our expansion model of only opening new physical locations after supporting contracts have been awarded to us in the area," explains Alan Kwong, CEO and Chairman of PharmEng International Inc. "In Taiwan, the first graduating class will inevitably create consulting opportunities in the geographical area with further market penetration as we begin our second year of the Biopharmaceutical Certificate program in early 2007", concludes Mr. Kwong.

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.

Contact Information

  • PharmEng International Inc.
    Bert Loveless
    CFO
    (905) 415-3922
    Website: www.pharmeng.com