PharmEng International Inc.

PharmEng International Inc.

April 03, 2007 16:17 ET

PharmEng International Inc. Closes Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - April 3, 2007) - PharmEng International Inc. ("PharmEng" or the "Company") (TSX VENTURE:PII) announced today that it has completed a financing by way of private placement with a single subscriber for aggregate gross proceeds of CAD$980,000 (the "Private Placement"). The Company also announced its intention to pursue an additional $3 - $5 million in subscriptions on the same terms as the Private Placement.

Under the Private Placement, the Company issued and sold 4,900,000 units at a price of CDN$0.20 per unit (each, a "Unit"). Each Unit consists of one Common Share and one half of one Common Share purchase warrant (the "Private Placement Warrants") exercisable at a price of CDN$0.35 for a period of 24 months from the closing date.

The Private Placement Warrants and the Common Shares underlying the Units and issuable upon the exercise of the Private Placement Warrants will be subject to a regulatory and TSX Venture Exchange hold period until August 4, 2007. A finders fee for the Private Placement in the amount of $78,400 will be paid to Blackwood Consultants Inc.

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 out more about PharmEng International Inc. (TSX VENTURE:PII), visit our website at

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 of actual results.

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