Spencer Pharmaceutical Inc. Announces Corporate Rejection to the Offer from Al-Dorra/Hail First Pharma Inc. Which Offer has not been modified from the June, 2011 Offer
BOSTON, Sept. 14, 2011 -- /PRNewswire/ -- Spencer Pharmaceutical Inc. (Pinksheets:SPPH). The Board of Directors and management of Spencer Pharmaceutical Inc. have determined that it is in the best interest of the shareholders to reject the offer from Al-Dorra/Hail First Pharma Inc., which offer has not been modified from the June offer. Consequently negotiations between the parties have ceased. The Board of Directors and management will continue to explore alternative opportunities.
Ian Morrice Executive Vice President and DirectorSpencer Pharmaceutical Inc.1+(617) 973-5017
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. Although there is an offer currently coming from a third party, the Company can provide no assurances that the offer will be made, the timelines achieved, or the minimum offer will be realized.
SOURCE Spencer Pharmaceutical Inc.