Bentley Pharmaceuticals sells french subsidiary.TAMPA, Fla.--(BUSINESS WIRE)--July 8, 1997--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 it completed the sale of its French subsidiary, Chimos/LBF S.A. on June 26, 1997. Bentley sold Chimos to the Marsing Group, a European conglomerate, for approximately $3.8 million. Bentley received approximately $170,000 upon closing of the transaction and expects payment of approximately $2.9 million in early August 1997. Bentley will also receive four monthly installments in the second half of 1997 of approximately $90,000 each. An escrow fund in the amount of approximately $370,000 has been established for certain contingent obligations or liabilities which if not resolved by July 1, 1998, will be released to the purchaser. The sale, which is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent a capital restructuring that is anticipated to be completed by August 4, 1997, marks the successful conclusion of previously announced negotiations. James R. Murphy, chairman and chief executive officer of Bentley said, "We are pleased that the transaction has been completed and look forward to focusing on the future strategic growth of Bentley. The proceeds from the sale of Chimos will be redirected to provide greater shareholder value. Funds will be redeployed from the lower gross margin products historically sold by Chimos to pursuing strategic alliances with multi-national pharmaceutical companies, funding ongoing activities and focusing on higher profit margin products. Chimos' sales began to decline in the second quarter of 1996 due to the expiration of its agreement to distribute the product Ceredase(TM), and Chimos' revenues are now approximately $5.5 million on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis." By leveraging competitive advantages of relatively low-cost GMP GMP (guanosine monophosphate): see guanine. accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. manufacturing capability, novel drug-delivery technologies and an international sales-and-marketing presence, Tampa-based Bentley Pharmaceuticals, Inc. is an emerging international pharmaceutical company with a broad and expanding line of improved off-patent drugs off-patent drugs see generic (2). that prevent or treat illnesses in the following therapeutic categories -- cardiovascular, gastrointestinal, neurological, and infectious diseases. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements 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: L.B. Stauffer Porter, Le Vay & Rose, Inc. 212/564-4700 or COMPANY Michael D. Price, Chief Financial Officer CONTACT: 813/286-4401 |
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