MONTREAL, QUEBEC--(Marketwire - June 6, 2012) - Paladin Labs Inc. (TSX:PLB), a leading Canadian specialty pharmaceutical company, today announced that at a General Meeting of the Litha Healthcare Group Limited ("Litha") shareholders held on June 5, 2012, Litha shareholders voted to approve all of the ordinary and special resolutions for the strategic partnership with Paladin. For full details of this transaction, refer to the February 21, 2012 press release.
Accordingly, the Transaction as defined will be implemented and the expected implementation date of the Transaction will be Monday, July 2, 2012, barring any delays with registration of the special resolutions with the Companies and Intellectual Property Commission ("CIPC") in South Africa.
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com.
About Litha Healthcare Group Limited
Litha Healthcare Group Limited is a Johannesburg Stock Exchange-listed, integrated healthcare company with a varied product offering in: biotechnology, vaccines, pharmaceuticals, medical devices and consumables and cold chain logistics, with extensive contracts in both the public and private healthcare sector. More information is available at: www.lithahealthcare.co.za
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2011. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future event, except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly fillings, annual report and Annual Information Form and other fillings found on SEDAR at www.sedar.com.