SOURCE: Spencer Pharmaceutical Inc.

October 07, 2010 09:30 ET

Spencer Pharmaceutical Amends Agreement With IAB Media Inc.

BOSTON, MA--(Marketwire - October 7, 2010) - Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that it has amended its agreement with IAB Media Inc. and reduced its compensation.

According to the company, IAB Media Inc. signed a service agreement on December 16, 2009 to provide Investor Relations and to manage the securities awareness campaign. The IAB Media compensation was established at 24 million shares and has now been reduced to 4 million shares, whereby IAB Media has returned to treasury 20 million shares.

"The compensation agreed upon in December of last year did not reflect the extent of the work being performed and we are truly grateful that the people at IAB Media also realized the discrepancy and have agreed to the reduced compensation," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "The work performed by the IAB Media team is important to the company and their professionalism is truly remarkable," further added Dr. Arella.

About Spencer Pharmaceutical Inc.

Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.

Important Information About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.

Contact Information

  • Contact:
    Dr. Max Arella
    Spencer Pharmaceutical Inc.
    Tel. 1+(617) 973-5017