SOURCE: Spencer Pharmaceutical, Inc.

November 16, 2010 09:05 ET

Spencer Pharmaceutical Discloses Al-Dora Holdings as the Buyout Offering Entity

BOSTON, MA--(Marketwire - November 16, 2010) - Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) disclosed today that the Al-Dora Holdings is the buyout offering entity.

According to information provided to the company, the Al-Dora Holdings is a Kuwaiti private investment company owned and managed by some of the Gulf's richest families. The Al-Dora Holdings is represented by its chairman, His Excellency Dr. Bandar Al-Dhafiri and its CEO His Excellency Hussein Al-Awaid.

The companies' representatives are schedule to hold a meeting in Canada to negotiate a definitive agreement on or before December 22, 2010, this is respecting the Muslim holidays which are currently in effect. 

"We are happy to now be advanced enough to disclose the name of the acquiring party," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "Even though, we are advancing with our research and licensing we are putting forth all necessary efforts to see this transaction to a successful conclusion," 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.

About Al-Dora Holdings

Al-Dora Holdings is a private investment company located in Kuwait. Al-Dora Holdings is a subsidiary of the Al-Dora Group. (In the translation from Arabic to English, Al-Dora is sometimes spelled Dorra and/or Dura). The Al-Dora Group has investments in the financial sector, oil and gas, pharmaceutical, and real estate.

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
    President
    Spencer Pharmaceutical Inc.
    Tel. 1+(617) 973-5017

    H.E. Hussein Al-Awaid
    Chief Executive Officer
    Al-Dora Holdings
    Tel. 97150 2160222