TORONTO, June 10 /CNW/ - (TSXV:PII) --- PharmEng Technology Inc. posted a record year for revenues in 2004. In its 2004 audited financial statements, total consolidated revenues grew to $5,893,646, up over 11% from 2003. Net income before taxes was $344,808, up 20% ending a strong and eventful year. On a segmented basis, PharmEng's pharmaceutical consulting business had income before taxes of $458,808, up 60% from last year. Start up business losses incurred in connection with the establishment of PharmEng's wholly-owned pharmaceutical manufacturing subsidiary, Keata Pharma Inc., were $114,000.

"We have proven that our business model and management team can operate and organically grow our consulting practice, while at the same time taking advantage of our position in the industry to manage and gain traction on starting up our manufacturing business. The strategic integration of the consulting and manufacturing business will result in lucrative long-term growth opportunities in the pharmaceutical and biotechnology industry", stated Alan Kwong, CEO of PharmEng International Inc. (formerly Chrysalis Capital Corporation), the parent company of PharmEng.  The 2004 audited financial statements were voluntarily released today and are available on SEDAR at www.sedar.com.  In other news, the final phase of PharmEng's reverse takeover of Chrysalis Capital Corporation was completed at the annual and special meeting of shareholders of Chrysalis held on June 8, 2005, where shareholders approved
a change in Chrysalis' name to PharmEng International Inc.

About PharmEng International Inc.

PharmEng International Inc. is an emerging leader in regulatory affairs, validation, engineering and Good Manufacturing Practices ("GMP") compliance activities. The firm is a full-service consulting company that serves the pharmaceutical and allied industries, in North America and internationally, with offices in Vancouver, Winnipeg, Toronto, Montreal and Halifax. The full range of professional services and expertise provided by PharmEng includes project management, engineering, cGMP and validation, product development, calibration services, training and regulatory compliance. The company's subsidiary, Keata Pharma Inc. ("Keata"), provides contract pharmaceutical support services, including formulation development, laboratory testing, and manufacturing of solid dosage and liquid finished products. Keata provides these high quality services under GMP at their manufacturing facility in Perth, Ontario. Keata is currently investing in a new state of the art manufacturing and laboratory facility in Cape Breton, Nova Scotia.

Original Article as seen on Canada Newswire