Counsel Corporation Completes Sale of Certain Assets of FARO Pharmaceuticals, Inc. to Prometheus Laboratories, Inc. for US$67 Million.Business Editors TORONTO--(BUSINESS WIRE)--May 1, 2001 Counsel Strengthens Cash Position for Portfolio Expansion Counsel Corporation (Nasdaq:CXSN)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CXS CXS Coherent X-Ray Scattering .) today announced the completion of the sale of certain assets of FARO Pharmaceuticals, Inc. to Prometheus Laboratories, Inc. Counsel Corporation owns approximately 80 percent of the capital stock of FARO. Pursuant to the sale, Prometheus acquired certain of FARO's assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the pharmaceutical products marketed under the Imuran(R), Zyloprim(R) and Trandate(R) trademarks. The sale price was US$67 million, of which US$25 million will be used to repay FARO's bank debt, with the balance being used to repay debt owed to Counsel. "The sale of FARO increases Counsel's cash position and enhances our ability to take advantage of attractive opportunities afforded by today's market conditions," stated Allan Silber, Chairman and Chief Executive Officer of Counsel Corporation. "With this solid financial base, Counsel is well positioned to strengthen and grow a well balanced portfolio of businesses with strong revenues and earnings." About Counsel Corporation Counsel Corporation (TSE:CXS/NASDAQ:CXSN) focuses on acquiring significant positions in, and actively managing for growth, a balanced portfolio of operating companies. Counsel's portfolio of companies in the enabling technology sector includes a 52% stake in sales and marketing effectiveness Marketing Effectiveness is the function of improving how marketers go to market with the goal of optimizing their marketing spend to achieve even better results for both the short-term and long-term. Also related to Marketing ROI and Return on Marketing Investment (ROMI). software provider Proscape Technologies, Inc. (www.proscape.com); a 33% stake in e-marketer Impower, Inc. (www.impower.com); a 28% stake in e-learning application service provider IBT (1) (Instructor Based Training) Training courses conducted by human teachers. (2) (Internet Based Training) Training courses provided via the Internet. Technologies, Inc. (www.ibt-technologies.com); and a 13% stake in Internet data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. and services provider Core Communications Corporation (www.core.net). Counsel Corporation's wholly-owned subsidiary Counsel Communications LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is focused on acquiring, consolidating and operating Internet telephony Another term for IP telephony and VoIP. In the late 1990s, some people made a distinction between Internet Telephony and VoIP: Internet telephony referred to voice over the public Internet, while VoIP referred to voice over private IP networks. and other telecommunications-related businesses. The Company through I-Link Incorporated, one of North America's most sophisticated, next-generation communications networks, provides efficient, leading-edge domestic and international Voice over Internet Protocol (VoIP) connectivity as well as other related "value-added" and traditional telecommunications services. Counsel's majority owned SAGE BioPharma operates in the reproductive medicine sector. SAGE is actively building a bioproducts portfolio in readiness for the introduction of a full range of infertility drugs Infertility Drugs Definition Infertility drugs are medicines that help bring about pregnancy. Purpose Infertility is the inability of a man and woman to achieve pregnancy after at least a year of having regular sexual intercourse in North America. This release involves forward-looking statements with respect to business plans, acquisition prospects, development of relationships with third parties and other plans and expectations on the part of the Company. The accuracy of these statements involve a number of risks and uncertainties, including but not limited to the availability of acquisition prospects and financing for such prospects, changing economic and market conditions that would impact such prospects or financing related thereto, changes in governmental regulations and laws, as well as other risk factors detailed in the securities filings of Counsel Corporation (TSE:CXS / NASDAQ:CXSN) to which recipients of this release are referred for additional information concerning the Company and its prospects. |
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