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Pharmachem Completes Acquisition of Forbes Medi-Tech

By: saurabh gandhe

Editor-in-Chief 1, Saurabh Inc 3

Vancouver, British Columbia-based Forbes Medi-Tech Inc. has completed the sale of substantially all of its assets to Pharmachem Laboratories, Inc. for $4 million. In connection with completion of the sale, the company has changed its name to FMI Holdings Ltd. Shareholders also approved the liquidation of the company and the appointment of Abakhan & Associates Inc. as liquidator. In connection with the wind-up of the company, one distribution will be made to shareholders, which will include the cash proceeds realized under the asset sale less any payments made in respect of the company’s remaining ongoing costs and liabilities. The company expects the net proceeds of the liquidation to be in the range of Cdn $0.50 to Cdn $0.58 per share. The distribution is expected to occur within six months following completion of a claims procedure that will be established under the supervision of the appointed liquidator, Abakhan & Associates Inc. It is expected that, following the distribution, the company’s common shares will be cancelled and de-listed from the OTCBB. It is anticipated that the wind-up of the company will be completed in the first quarter of 2011.

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