Printer Friendly

HEALTH-CHEM ISSUES STATEMENT ON LITIGATION SETTLEMENT

 NEW YORK, Jan. 4 /PRNewswire/ -- Health-Chem Corporation (AMEX: HCH) today announced that a settlement was reached in the matter entitled "Bolar Pharmaceutical Co., Inc. v. Hercon Laboratories Corporation f/k/a Herculite Products, Inc."
 Bolar Pharmaceutical Co., Inc. (AMEX: BLR), had commenced this previously reported action in May 1991, seeking to enforce its claims that Hercon, a subsidiary of the company, wrongfully terminated a certain distribution agreement between Bolar and Hercon and that Bolar was entitled to specific performance of this agreement.
 Under the terms of the settlement: (a) the lawsuit will be dismissed; (b) Hercon will pay to Bolar an aggregate of $1,000,000 in cash and notes payable over a four-year period; and (c) the parties will enter into a new distribution agreement ("new agreement"). Pursuant to the new agreement, Bolar will be appointed a semi-exclusive U.S. distributor of Hercon's nitroglycerin transdermal system patches and exclusive U.S. distributor of another transdermal patch currently under development by Hercon. Bolar's continued distributorship appointments under the new agreement are dependent upon certain minimum purchase and sale requirements as well as certain other conditions.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical industry, along with industrial and health-care synthetic fabrics.
 -0- 1/4/93
 /CONTACT: Bruce M. Schloss, vice president of Health-Chem, 212-398-0700/
 (HCH BLR)


CO: Health-Chem Corporation; Hercon Laboratories Corporation;
 Bolar Pharmaceutical Co., Inc. ST: New York IN: HEA SU:


GK-LR -- NY062 -- 1390 01/04/93 15:28 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 4, 1993
Words:245
Previous Article:NUVEEN EXCHANGE-TRADED FUNDS AND PORTFOLIOS DECLARE TAX-FREE DIVIDENDS
Next Article:SUFFOLK COUNTY $300 MILLION 2.7 PERCENT TAX ANTICIPATION NOTES 1993 RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
HEALTH-CHEM CORPORATION ANNOUNCES RESULTS
HEALTH-CHEM CORPORATION ANNOUNCES SETTLEMENT OF LAWSUIT
Abbott Laboratories Advisory: Consumers Should Be Aware of False Rumors Regarding Infant Formula Settlement
Chem International Reaches Settlement Agreement Involving Class Action Lawsuit.
Chem International Reaches Settlement Agreement Involving Class Action Lawsuit, Announces Stock Buyback of Up to 500,000 Shares.
Health-Chem Corporation Announces Results of Election, New Financing.
Medco Resolves All Issues with 20 State Attorneys General; Reaches Separate Agreement with U.S. Justice Department; `This arrangement is consistent...
Federal Judge Grants Preliminary Approval to Medco Health Class-Action Settlement.
Par Pharmaceutical Enters into Agreement with Valeant Pharmaceuticals to Settle Patent Litigation over Diastat(R) and Diastat(R) AcuDial(TM).
Schering-Plough Reports Proposed Settlement in Litigation Involving Planned Merger with Merck.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters