PharmEng International Inc.

PharmEng International Inc.

October 30, 2006 16:33 ET

PharmEng Names Bert Loveless as Chief Financial Officer and Bernie Boudreau Elected to the Board

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) - PharmEng International Inc. (TSX VENTURE:PII), today announced that it has named Bert Loveless chief financial officer ("CFO") effective November 6, 2006. Effective the same date, the Company will accept the resignation of the current CFO, Lawrence Tjan, who is leaving the Company to pursue other interests.

Bert has held CFO positions with a number of publicly traded companies. Prior to joining the private sector in 1999, Bert held various positions in the public sector from Director of Internal Audits to Deputy Minister Finance for the province of Nova Scotia. Bert is a member in good standing with the Canadian Institute of Chartered Accountants having earned the C.A. designation in 1972.

"Bert has many years of public company experience, a strong work ethic and is familiar with the demands of high growth companies such as PharmEng. His prior CFO experience with TSXV listed companies will be invaluable at this stage in our Company's growth. PharmEng is fortunate to have Bert part of the executive team to develop the company as a leader in providing services in manufacturing, consulting and training to the pharmaceutical and biotechnology industries. We thank Lawrence for his contributions and wish him the best in his future endeavors," explains Alan Kwong, CEO and Chairman of PharmEng.

At a Board meeting held October 25, 2006, Bernie Boudreau was elected to the Board. Mr. Boudreau has a distinguished record as a lawyer, businessman and has held various positions as a Director of the Bank of Canada, Leader of the Government in the Senate of Canada, and as the federal Minister responsible for Nova Scotia. Mr. Boudreau joined PharmEng in July 2004.

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


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.

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