The Female Health Company (FHC) (NASDAQ:FHCO) today announced that its Board of Directors has unanimously approved a modification to a proposal related to the proposed merger with Aspen Park Pharmaceuticals, Inc. (APP). Specifically, Proposal #2 has been modified to reduce the number of shares of common stock to be authorized from 160,000,000 to 77,000,000 and eliminate any increase in the number of shares of authorized preferred stock. APP has agreed and consented to the modifications to the proposal.
"The original proposal received an unfavorable recommendation from the proxy advisory firm, Institutional Shareholder Services, Inc. (ISS) and several institutional investors followed ISS' recommendation and voted against the proposal," said O.B. Parrish, Chairman and Chief Executive Officer of FHC. "With the change to the proposal, ISS revised its recommendation to favorable and as a result we believe these institutional investors will now vote FOR the proposal. The FHC Board of Directors urges all shareholders to vote FOR all of the proposals related to the merger."
"We believe FHC is close to receiving the required FOR votes for all of the proposals related to the merger," said Mitchell Steiner, Chief Executive Officer of APP and Chief Executive Officer of the combined company upon completion of the merger. "The Special Meeting of Shareholders is scheduled for next week - we urge all shareholders that have not yet voted to cast their votes FOR the proposals."
As previously announced, the special shareholders meeting has been adjourned to October 14, 2016 at 10 a.m. Central Time at FHC's offices located at 150 North Michigan Avenue, Suite 1580, Chicago, Illinois, 60601.
The FHC Board of Directors continues to recommend that shareholders vote "FOR" the proposals.
During the adjournment, shareholders of record on July 28, 2016 are entitled to and are being requested to vote. FHC's proxy statement and any other materials filed by FHC with the SEC can be obtained free of charge at the SEC's website at www.sec.gov or FHC's website at www.femalehealth.com/investors/merger-documents.
Shareholders are reminded that their vote is important and are encouraged to vote at their earliest convenience. Shareholders who have already voted do not need to recast their votes. Proxies previously submitted will be voted at the reconvened meeting unless properly revoked. Shareholders who have not already voted or wish to change their vote are encouraged to do so using the instructions provided in the definitive proxy statement.
The failure to return the proxy, or vote at the special meeting in person, will have the same effect as a vote "against" the three proposals requiring a supermajority approval. FHC shareholders seeking copies of the definitive proxy statement or with questions about the special meeting may contact FHC's proxy solicitation firm, D.F. King, Inc., at toll-free (866) 751-6309, or at 48 Wall Street, 22 Floor, New York, New York 10005.
To vote, you will need the control number which appears on your proxy card. If you have not received the proxy materials and voting instructions, either electronically or in the mail, contact your broker, if you have one, or Michele Greco at The Female Health Company, 312-213-9859, mgreco@femalehealthcompany.com.
Below are two convenient ways to vote. FHC highly recommends shareholders vote electronically or by phone. Please have your control number ready while voting. The control number is located on your proxy card.
-- Through the Internet, by visiting a website established for that purpose at www.proxyvote.com and following the instructions; or
-- By calling the toll-free number 1-800-690-6903 in the United States, Puerto Rico or Canada on a touch-tone phone and following the recorded instructions.
About The Female Health Company
The Female Health Company, based in Chicago, Illinois, manufactures and markets the FC2 Female Condom(R) (FC2). Since the Company began distributing FC2 in 2007, the product has been shipped to 144 countries. The Company owns certain worldwide rights to the FC2 Female Condom(R), including patents that have been issued in a number of countries around the world. The patents cover key aspects of the FC2 manufacturing process and design. The FC2 Female Condom(R) is the only currently available female-controlled product approved by FDA that offers dual protection against sexually transmitted infections, including HIV/AIDS, the Zika virus and unintended pregnancy. The World Health Organization (WHO) has cleared FC2 for purchase by U.N. agencies.
About Aspen Park Pharmaceuticals
Aspen Park Pharmaceuticals, Inc. is a privately held therapeutics company focused on the development and commercialization of pharmaceutical and consumer health products for men's and women's health and oncology. For men, product and product candidates are in the areas of benign prostatic hyperplasia, male infertility, amelioration of side effects of hormonal prostate cancer therapies, gout, sexual dysfunction, and prostate cancer. For women, product candidates are for advanced breast and ovarian cancers and for female sexual health. Aspen Park Pharmaceuticals is planning to launch in the United States the PREBOOST OTC product for treating premature ejaculation in Q4 of fiscal 2016. Aspen Park Pharmaceuticals has offices in New York City, New York. For more information on PREBOOST OTC product visit www.preboost.com or for more information on APP visit www.aspenparkpharma.com.
Additional Information about the Proposed Transaction and Where You Can Find It
FHC filed a definitive proxy statement with the SEC relating to a solicitation of proxies from its shareholders in connection with a special meeting of shareholders of FHC to be held for the purpose of voting on matters relating to the proposed transaction. BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED TRANSACTION, FHC SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
The proxy statement and other relevant materials, and any other documents filed by FHC with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov. In addition, shareholders of FHC may obtain free copies of the documents filed with the SEC by contacting FHC's Chief Financial Officer at (312) 595-9123, or by writing to Chief Financial Officer, The Female Health Company, 515 North State Street, Suite 2225, Chicago, Illinois 60654.
For more information about the Female Health Company visit the Company's website at femalehealth.com and femalecondom.org. If you would like to be added to the Company's e-mail alert list, please send an e-mail to FHCInvestor@femalehealthcompany.com.
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