Concerned Dimethaid shareholders alarmed by company admission
9/15/04
TORONTO, Sep 15, 2004 (Canada NewsWire via COMTEX) --
A group of concerned long-term shareholders of Dimethaid Research Inc. (TSX: DMX), whose aggregate share ownership is approximately ten times that of the current CEO and board members, expressed concern about the Company's admission of its depleted cash posit
ion.
"This is quite an alarming admission," said Dan Chicoine, a member of the Concerned Shareholders and a nominee for Director. "It almost appears as if management is proud of the fact they have this amount of cash. But given that they routinely spend more than this to fund their operations each month, it is one more reason for needed change in the Company's leadership."
Dimethaid today reported it had US $654,000 cash and cash equivalents as at August 31, 2004. The Company, which typically has burned through cash at a rate exceeding US$750,000 per month, did not disclose how long its current cash balance would be expected to last.
Shareholders have until 3:00 pm (Toronto time) on Thursday, September 16 in order to cast their Yellow proxy for change at Dimethaid. Shareholders can vote by phone, on-line or fax, by following the instructions in the recently mailed information packages. Proxy materials can also be found at www.yellowproxy.com.
More information on the Concerned shareholders' nominees is available in the group's circular, which can be found on the Internet at www.yellowproxy.com.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca
For further information: on how to vote, contact: Georgeson Shareholder,Toll Free: 1-888-999-6094, Fax: (416) 366-2476, www.yellowproxy.com; For moreinformation on the Concerned Shareholders, contact: Dan Chicoine,Tel : (416) 892-0344, Email : yellowproxy(at)yahoo.com
News release via Canada NewsWire, Toronto 416-863-9350
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