PharmEng International Inc.
TSX VENTURE : PII

PharmEng International Inc.

August 17, 2007 14:46 ET

Shropshire S.A R.L Exercises Warrants of PharmEng International Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - PharmEng International Inc. ("PharmEng" or the "Company") (TSX VENTURE:PII) and Shropshire S.A R.L. ("Shropshire") announced today that Shropshire has exercised warrants to purchase 10,000,000 common shares in the capital of the Company ("Common Shares") for aggregate gross proceeds to the Company of CAD$3,500,000 (the "Warrant Exercise").

The Commons Shares acquired are subject to a regulatory and TSX Venture Exchange hold period until August 28, 2007.

Shropshire, a company created under the laws of Luxembourg, is an insider and control person of PharmEng (each as defined in the Corporate Finance Manual of the TSX Venture Exchange). As a result of the Exercise, Shropshire holds 30,000,000 Common Shares, representing approximately 39.3% of the total issued and outstanding Common Shares of PharmEng.

Shropshire's purchases have been made for investment purposes. Shropshire, or entities controlled by Shropshire, may, subject to market conditions, make additional investments in, or dispositions of, securities of PharmEng in the future, including additional purchases of Common Shares. Currently, other than as described herein, there is no one acting jointly or in concert with Shropshire with respect to the securities of PharmEng.

The Company also announced today that the Board has granted 978,000 options to Directors, officers and employees under the Company Stock Option Plan at a strike price of $0.50 vesting over a 3 year period with a four year expiry term. Of the options granted, 710,000 were granted to Directors and officers.

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 www.pharmeng.com.

About Shropshire

Shropshire is part of an estate planning structure. The sole voting shareholder is Wiltshire Holdings Limited, a Cayman Islands company that is wholly owned by Barbados Limited by Guarantee, a Guernsey company. Bird Song Anstalt, a Liechtenstein establishment, is the sole voting shareholder of Barbados Limited by Guarantee. Bird Song Anstalt does not have any shareholders.

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.

Contact Information

  • PharmEng International Inc.
    Charles Ivey
    Vice President
    (905) 415-3922 x 116
    Email: charles.i@pharmeng.com
    Website: www.pharmeng.com
    or
    Shropshire S.A R.L.
    c/o Amaco (Luxembourg) S.A.
    52 - 54 Avenue du X Septembre
    L-2550 Luxembourg
    Luxembourg