Bentley Pharmaceuticals To Lower Exercise Price Of Class A and B Warrants For Discount Period.TAMPA, Fla.--(BUSINESS WIRE)--Aug. 27, 1997-- Expects 1998 Revenues To Double Bentley Pharmaceuticals, Inc. (AMEX AMEX See: American Stock Exchange :BNT BNT Bentley Pharmaceuticals, Inc. (stock symbol) BNT Boston Naming Test (psychology) BNT Bermuda National Trust BNT Bulgarian National TV BNT Broadband Network Termination BNT Binary File Transfer ), announced today that in connection with its recently announced acquisition program, the company will lower the exercise price of its currently outstanding Class A redeemable warrants (AMEX:BNT.WS.A) by $1.00 (33.3%), to $2.00 each, for a period of 63 days, commencing on September 16, 1997 until 5:00 p.m. on November 17, 1997 after which all Class A Warrants will revert back to the original exercise price of $3.00 each until their expiration on February 14, 1999. The company will also lower the exercise price of the Class B redeemable warrants (which will be issued to those exercising the Class A redeemable warrants) by $2.00 (40%), to $3.00 per share, for a period of 120 days, commencing on September 16, 1997 until 5:00 p.m. on January 13, 1998, after which, the Class B Warrants will revert back to the original exercise price of $5.00 each until their expiration on February 14, 2001. James R. Murphy, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bentley Pharmaceuticals, referring to the recently announced letter of intent with Schwarz Pharma, said, "The company has indicated that its strategy for future growth is based upon acquisition 'roll up' of high margin, branded pharmaceutical products that have an established commercial presence. Our ability to grow in the U.S. market has been accelerated with the completion of the sale of our French subsidiary, Chimos/LBF, S.A, and signing of the letter of intent to purchase a Schwarz Pharma product portfolio and U.S. manufacturing facilities. Additional acquisitions for complementary branded products are contemplated by the company." Mr. Murphy added, "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that with the assumption of these immediate revenues, together with the pursuit of additional synergistic products, the company can look forward to reporting significant revenue growth and eventual profitability. Although this strategy will be ongoing, if the company can successfully complete the first phase of acquisitions, which includes other product acquisitions under current review in addition to the Schwarz Pharma, Inc. portfolio by the end of this year, Bentley anticipates its revenues will approximately double in 1998. "In order to advance our growth in the most expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex manner, and in appreciation of our warrant holders, we are offering them the first opportunity to participate in the financing of these acquisitions. Exercise of the Class A warrants will facilitate financing of these first acquisitions in a most favorable manner and is an integral step in the achievement of our highest priority, which is to increase shareholder value," Murphy added. By leveraging competitive advantages of relatively low-cost manufacturing capability in Spain and drug delivery technology, Tampa-based Bentley Pharmaceuticals is an emerging international pharmaceutical company that emphasizes prescription drugs prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, in the therapeutic categories of cardiovascular, gastrointestinal, neurological neurological, neurologic pertaining to or emanating from the nervous system or from neurology. neurological assessment evaluation of the health status of a patient with a nervous system disorder or dysfunction. and infectious diseases infectious diseases: see communicable diseases. . -0- Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are not historical facts contained in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. CONTACT: Bentley Pharmaceuticals Michael D. Price, Chief Financial Officer 813/286-4401 or Porter, Le Vay & Rose, Inc. L.B. Stauffer Tom Gibson, Media Consultant 212/564-4700 |
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