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PHARMACONTROL MEETING: CHANGES NAME, REPORTS RESULTS

 EDISON, N.J., July 15 /w?ire/ -- PharmaControl Corp. (OTC: Pink Sheets) announced at its fiscal 1992 annual meeting yesterday that it had changed the name of the corporation to Pharmaceutical Formulations, Inc. In addition, Dr. Max Tesler, president and CEO, and Ben Blackshire were re-elected to the board of directors, and Michael Callahan, Ray Cheesman and John L. Oram have been added to the board. Mr. Oram is president of ICC Industries Inc., which holds 62 percent of the company's common stock. Also ratified at the meeting were an increase in authorized shares of common stock from 25 million to 40 million, indemnification of the company's officers and directors to the extent permitted under Delaware law, and the selection of BDO Seidman to audit the financial statements of the company for the coming fiscal year.
 For the nine months ended March 31, 1993, the company had revenues of $32,761,000 with a profit of $1,236,000 compared to sales of $22,962,000 and a loss of $1,306,000 for the first nine months of the prior fiscal year.
 Pharmaceutical Formulations, Inc. and its wholly owned subsidiary, Private Formulations, Inc., are primarily engaged in the manufacture and distribution of more than eighty different types of generic over-the- counter solid dosage pharmaceutical products in tablet, caplet and capsule form (including analgesics, antacids, cough-cold preparations, antihistamines and laxatives), which are sold under its customers' store-brand labels or in bulk form to repackers and distributors.
 ICC Industries Inc., holder of approximately 15 million shares of Pharmaceutical Formulations, is a major international manufacturer and marketer of chemical, plastic, and pharmaceutical products with 1992 sales of $615 million.
 -0- 7/15/93
 /CONTACT: Lyne Ricciardelli, shareholder relations of PharmaControl Corp., 201-567-9004/


CO: Pharmaceutical Formulations, Inc.; PharmaControl Corp. ST: New Jersey IN: MTC SU: ERN

WB-OS -- NY050 -- 1991 07/15/93 13:00 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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