Paramount Acquisition (stock symbol: PMQC) has announced that it has terminated its previously announced agreement to acquire BioValve Technologies.
PMQC, which raised $58.65 million went it went public on August 3, 2005, had announced the acquisition on August 28, 2006.
Paramount Acquisition Corp. Announces Termination of Proposed Business Combination With BioValve Technologies, Inc.
Monday January 22, 9:20 am ET
NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC - News, PMQCU - News, PMQCW - News) announced today that Paramount and BioValve Technologies, Inc. have mutually terminated the previously announced Contribution Agreement among Paramount, BioValve, BTI Tech, Inc. and Valeritas LLC.
Paramount and BioValve have determined that it will not be possible to consummate the transaction by the outside date provided for in the Contribution Agreement. As a result, Paramount and BioValve determined that it is in each of their respective best interests to terminate the Contribution Agreement.
Consistent with its charter, Paramount intends to aggressively seek a suitable operating business in the healthcare industry for a merger, capital stock exchange, asset acquisition or other similar business combination.
Paramount also announced today that Dr. Lindsay Rosenwald, chairman of the board of directors, J. Jay Lobell, chief executive officer and member of the board of directors, and Isaac Kier, a member of the board of directors, intend to establish personal warrant purchase plans conforming to Rule 10b5-1 of the Securities Exchange Act of 1934. These Rule 10b5-1 plans are expected to commence on January 25, 2007. Under the plans, Dr. Rosenwald, Mr. Lobell and Mr. Kier will collectively purchase an additional 1,000,000 warrants at prevailing market prices up to $.64 per warrant, the last sale price of the warrants on January 19. The warrant purchase plans will be subject to certain limitations, including that Dr. Rosenwald, Mr. Lobell and Mr. Kier, collectively, will not acquire more than 100,000 warrants in any one day, or 250,000 warrants in any single week. The plans terminate upon the purchase by Dr. Rosenwald, Mr. Lobell and Mr. Kier, collectively, of 1,000,000 warrants under the plan or on March 30, 2007, whichever occurs first.
Rule 10b5-1 permits corporate officers and directors to adopt written, prearranged stock trading plans when they are not in possession of material non-public information. In this instance, Dr. Rosenwald's, Mr. Lobell's and Mr. Kier's plans are strictly for the purchase of the company's publicly- traded warrants, and do not involve sale or disposition.
<snip>
biz.yahoo.com |
