SOURCE: Provalis PLC

December 01, 2005 06:33 ET

PROVALIS PLC - AGM AND EGM

Deeside, Flintshire, UK -- (MARKET WIRE) -- December 1, 2005 --

Provalis plc


AGM and EGM

Provalis plc (LSE: PRO), the international Medical Diagnostics and Pharmaceuticals Group, held its Annual General Meeting today.

The Chairman, Frank Harding, made the following statement:

"As I stated in this year's Annual Report, the last financial year was difficult. As a consequence, we announced on 16th November 2005 that the Board had widened its review to consider all strategic and funding options available to the Group and how best to maximise value for shareholders.

"In advance of the outcome of this strategic review, the Board is in the process of significantly reducing the Group's cash expenditure in the short and medium term. It has already cut the US and central cost bases substantially.

"I would like to take this opportunity to thank the employees of Provalis. They have continued to work with dedication and professionalism during testing times for the Group as a whole and also for them as individuals."

With the exception of Resolution 4, which was withdrawn, all resolutions at the AGM were passed.

The one resolution at the EGM was also passed.

                                                     1 December 2005

For further information:-


College Hill
Adrian Duffield/Corinna Dorward                   020 7457 2815/2803


Notes to Editors

Provalis plc (LSE: PRO) is an international healthcare group with two operating businesses:-

- Medical Diagnostics - develops medical diagnostic products for chronic disease management for sale to world markets. The business' principal products are in2itTM A1C and Glycosal®, both diabetes diagnostic tests.

- Pharmaceuticals - sells and markets its own, and third party, branded, prescription medicines in the UK and Ireland to GPs and hospitals through its regionally managed sales force. The business' principal product is Diclomax®, a medicine for use in the treatment of musculo-skeletal disorders, and it also sells products in the areas of osteoporosis, migraine and dermatology.

Visit Provalis' Website at http://www.provalis.com

"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Statements in this announcement that relate to future plans, expectations, events, performances and the like are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward-looking statements due to a variety of factors. Such factors include, among others: the viability of the Group's products, which are at various stages of development; the generation of sufficient operating cash flow by the Group's pharmaceutical and medical diagnostic businesses to finance the ongoing development of these businesses as well as the Group's research and development activities; the success of the Group's research and development strategy and activities; uncertainties related to future clinical trial results and the associated regulatory process; the execution and success of collaborative agreements with third parties; availability and level of reimbursement for the Group's products from government health administration authorities or other third-party payors; the rate of net cash utilisation within the Group and, hence, the Group's possible need for additional capital in the short, medium and/or long term; the Group's intellectual property position and the success of patent applications for its products and technologies; the Group's dependence on key personnel; general business and economic conditions; the impact of future laws, regulations and policies; stock market trends in the Group's sector; and other factors beyond the Group's control that may cause the Group's available capital resources to be used more quickly than expected. These and other factors that could affect the Company's future results are more fully described in its filings with the US Securities and Exchange Commission, in particular the latest 20-F filing, copies of which are available from the Company Secretary at the Company's registered address.


                      This information is provided by RNS
            The company news service from the London Stock Exchange