Home > News > News Archive > News Release - December 17, 2004 News Release - December 17, 2004 Mr. Marc Lavine reports Chrysalis Capital Corp. has entered into a letter of intent dated Dec. 8, 2004, with PharmEng Technology and its principal shareholder, pursuant to which Chrysalis has agreed to acquire all of the issued and outstanding shares of PharmEng by issuing one common share of Chrysalis at a deemed price of 45 cents per share in consideration for each common share of PharmEng, and by issuing one Chrysalis share purchase warrant in exchange for each outstanding PharmEng share purchase warrant for total deemed consideration of $12.5-million. PharmEng is a private pharmaceutical and biotechnology consulting firm incorporated under the laws of Ontario, which is controlled by Alan Kwong of Markham, Ont., who owns approximately 96 per cent of the PharmEng shares currently issued and outstanding. The proposed transaction is expected to constitute Chrysalis's qualifying transaction, as defined in Policy 2.4 of the TSX Venture Exchange, and is subject to compliance with all necessary regulatory approvals and certain other terms and conditions. A comprehensive press release with further particulars relating to the proposed transaction will follow in accordance with the policies of the TSX-V.   © PharmEng® Technology Inc.  All Rights Reserved.