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Gold/Mining/Energy : Nuvo Research Inc -- Ignore unavailable to you. Want to Upgrade?

To: Montana Wildhack who wrote (13221)	12/17/2003 1:41:07 PM
From: Cal Gary	Read Replies (1) \| Respond to of 14101

<font color=red>Dimethaid to pay Provalis $2.1-million (U.S.) 2003-12-16 11:50 MT - News Release Ms. Rebecca Keeler reports DIMETHAID REPORTS ARBITRATION RULING Dimethaid International, a wholly owned subsidiary of pharmaceutical developer Dimethaid Research, has been notified that arbitration initiated against the company by Provalis Healthcare Limited has been decided. Under the decision, Dimethaid will pay Provalis the compensatory sum of approximately $2.1-million (U.S.), together with costs and interest of approximately $632,000 (U.S.). A counterclaim by Dimethaid against Provalis was denied. The arbitrator's decision is final and binding. "Naturally, we are disappointed with the decision and believe it does not appropriately reflect the business commitments made," said Rebecca Keeler, president and chief executive officer of Dimethaid Research. "But the matter is now concluded and we look forward to moving ahead with our new U.K. sales and marketing strategy." In June, 2002, the company terminated an agreement that gave Provalis exclusive Pennsaid distribution rights in the United Kingdom. Provalis initiated arbitration proceedings in December, 2002, challenging Dimethaid's right to terminate. The arbitrator found that although Provalis had provided long-term sales projections well below the contract minimums, and at termination, had placed orders for only one-third of the first year's commitment, those facts were not sufficient to establish that Provalis had repudiated the contract. Dimethaid has since signed a sales-development services agreement with a U.K. contract organization to recover marketing momentum lost after the initial product launch. Response from physicians to the relaunch of Pennsaid in the U.K. has been extremely encouraging. WARNING: The company relies upon litigation protection for "forward-looking" statements.