Spencer Pharmaceutical Acquired by Emergensys
BOSTON, July 13, 2009 (GLOBE NEWSWIRE) -- Spencer Pharmaceutical Inc. today announced that Emergensys Corp. (Pink Sheets:EMGS) had acquired 100% of Spencer Pharmaceutical Inc. in a reverse merger transaction.
According to the merger agreement, Emergensys Corp. will issue a total of 245 million shares post a reverse stock split of 1 for 25, whereby 200 million restricted shares will be issued for the acquisition of Spencer Pharmaceutical Inc. and 45 million shares will be issued in settlement of outstanding debts. The company will proceed to change its name and ticker symbol to Spencer Pharmaceutical Inc., perform a reverse stock split of 1 for 25 as well as increase its authorized capital to 500 million shares. The merger will result in a change of business for the company to a pharmaceutical business from its continuing consulting based services in the field of emergency response systems automation. Once the merger approved at the State of Delaware, the company will have a total of approximately 247 million shares outstanding.
"Becoming a publicly traded company will benefit our company in terms of public exposure, access to capital and valuation of our new pharmaceutical technology in the treatment of Neurological diseases such as Alzheimer," said Dr. Max Arella Ph.D., President and CEO of Spencer Pharmaceutical Inc. "Our tremendous advancements in the delivery of drugs to the brain and other drug delivery technology will quickly win the approval from both the scientific and financial community alike," further added. Dr. Arella.
Spencer Pharmaceutical Inc.
Spencer Pharmaceutical is a multi disciplinary company, which develops and markets several patented drug platform technology for the treatment of Neurological diseases such as Alzheimer, Parkinson, and Multiple Scleroses as well as patented slow release drug delivery technology for the treatment of type-2 diabetes and arthritis.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
CONTACT: Spencer Pharmaceutical Inc. Dr. Max Arella Ph.D., President & CEO 514-995-9874 Fax: 617-973-6406 [email protected] www.spencerpharmaceutical.com