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Biotech / Medical : Altachem Pharma Co. (V.AAF) -- Ignore unavailable to you. Want to Upgrade?

To: thesurvivor who wrote (16)	4/19/2001 11:43:42 PM
From: thesurvivor	Respond to of 39

ANTICORTä LITIGATION RESOLVED BETWEEN ALTACHEM PHARMA LTD. / STEROIDOGENESIS INHIBITORS CANADA INC. AND STEROIDOGENESIS INHIBITORS INC. OF THE UNITED STATES April 19, 2001 EDMONTON, AB. -- Warren Jackson, President and CEO of Altachem Pharma Ltd. today announced the resolution of litigation between SI Canada, a wholly owned subsidiary of Altachem, and Steroidogenesis Inhibitors Inc. of the United States. The case started trial in the Court of Queen’s Bench of Alberta, in Edmonton, beginning April 2, 2001. There were three lawsuits being heard together. In the first action, Altachem Pharma was seeking to enforce a right of first refusal pursuant to an attempt it had made to match a bona fide offer, which had been presented to it by the U.S. company as a bona fide offer from Pashua Partners to acquire the worldwide rights to Anticortä . The second action was a counterclaim by the U.S. company arising out of the matching action, seeking damages and a declaration that the Exclusive Licensing Agreement between SI Canada Inc. and Steroidogenesis Inhibitors Inc. was invalid. In the third action, Altachem Pharma Ltd. / SI Canada Inc. had claimed a court order requiring the delivery to it of Anticortä product and information under the Exclusive Licensing Agreement. "As the validity of the licensing agreement had been raised by the U.S. company, Altachem Pharma Ltd. / SI Canada Inc. was seeking a court declaration that the Exclusive Licensing Agreement was in full force and effect," Mr. Jackson said. The court, in a ruling which occurred partway through the trial, made the decision that notwithstanding the U.S. company’s apparent preparedness to convey the world rights to Anticortä under the letter of intent that was signed by Pashua Partners, the bona fide offer was not enforceable and therefore was not capable of being matched by Altachem Pharma Ltd. / SI Canada Inc. In the end, the parties agreed that the Exclusive Licensing Agreement between Altachem Pharma Ltd. / SI Canada Inc. and Steroidogenesis Inhibitors Inc. was in full force and effect. It was also agreed that since outstanding matters had been resolved, all lawsuits will be discontinued. There are no court costs payable by, or to any party as a result of the resolution of the claims. Altachem Pharma Ltd. / SI Canada Inc. has, in the course of the discussions culminating in the settlement received assurance that it will receive a supply of Anticortä under the Exclusive Licensing Agreement for clinical testing, and any necessary information that it will require to pursue the approval, manufacturing, marketing and distribution of the Anticortä drug. "It was important to Altachem Pharma Ltd./SI Canada Inc. that we stabilize our relationship with the U.S. company," Mr. Jackson said. "Now that this has been accomplished, it operates to the benefit of all parties involved." Altachem Pharma Ltd. is pleased to communicate to its shareholders and investors that through the litigation process and the settlement discussions, the validity of the Exclusive Licensing Agreement has been affirmed, so that work in carrying the drug Anticortä forward can continue. Altachem Pharma Ltd. invests in, develops, manufactures and distributes pharmaceutical products in Canada and internationally. The Company is certified compliant with internationally recognized quality system standards, ISO 9002:1994, ISO 13488 and EN 46002. Altachem’s primary operating components include a Manufacturing Division, a Proprietary Drugs Division and a Joint Venture registered in the People’s Republic of China to manufacture and distribute pharmaceutical products. For additional information, contact: Altachem Pharma Ltd. Rogers Andrews, Investor Relations Tel. 486-8331 ext. 331 Fax. 780-448-1436 Toll Free Tel: (877) 502-5939 E-mail: roger@altachempharma.com Web: altachempharma.com McManus Elliott Communications Don Bain, Vice President Tel. 416-979-8300 Fax. 416-979-8638 E-mail: don@mcmanuselliott.com This release may include "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable it can give no assurance that such expectations will prove correct. This is neither an offer to buy or sell a security. For information purposes only, from sources deemed to by reliable.