NUCRYST Approves $0.80 Per Share Cash Distribution to Shareholders
12 Fevereiro 2009 - 3:51PM
PR Newswire (US)
PRINCETON, NJ, Feb. 12 /PRNewswire-FirstCall/ -- NUCRYST
Pharmaceuticals Corp., a developer and manufacturer of medical
products that fight infection and inflammation, today announced the
results of a special meeting of shareholders. The special meeting
of shareholders was called to consider a special resolution
("Special Resolution") pursuant to section 38(1) of the Business
Corporations Act (Alberta) to reduce the stated capital of the
outstanding NUCRYST common shares by an amount equal to the product
of the number of common shares outstanding on the date of the
meeting and $0.80 for the purpose of distributing $0.80 cash per
share to the common shareholders of NUCRYST. The distribution which
will total $14.7 million equals approximately 59% of NUCRYST's
$25.0 million in cash and cash equivalents as of January 31, 2009.
NUCRYST set a distribution payable date of February 25, 2009. The
Special Resolution was passed and February 17, 2009 was set as the
record date for the distribution. The Toronto Stock Exchange
("TSX") has determined that mandatory special settlement rules will
be applied and the common shares will commence trading
ex-distribution on the TSX at the opening of the markets on
February 17, 2009. Under NASDAQ OMX rules, the shares will continue
to trade with the distribution until its ex-distribution date of
February 26, 2009. NUCRYST also announced the resignation of Thomas
E. Gardner from the Board of Directors, effective immediately. Mr.
Gardner previously served as Chairman, President, & Chief
Executive Officer of NUCRYST until January 2009. NUCRYST will
release its 2008 fourth quarter and full year financial results on
Tuesday, February 17, 2009. A conference call will be held that
morning to discuss the financial results as well as the impact of
the return of capital on NUCRYST's business plans. All amounts are
in U.S. dollars. About NUCRYST Pharmaceuticals Corp. NUCRYST
Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS) develops,
manufactures and commercializes medical products that fight
infection and inflammation using SILCRYST(TM), its patented
atomically disordered nanocrystalline silver technology. NUCRYST
licensed world-wide rights for SILCRYST(TM) wound care coating
products to Smith & Nephew plc, which markets these products in
over 30 countries under their Acticoat(TM) trademark. NUCRYST has
developed its proprietary nanocrystalline silver in a powder form,
referred to as NPI 32101, for use in medical devices and as an
active pharmaceutical ingredient. SILCRYST(TM) is a trademark of
NUCRYST Pharmaceuticals Corp. Acticoat(TM) is a trademark of Smith
& Nephew plc This news release contains forward-looking
statements within the meaning of securities legislation in the
United States and Canada (collectively "forward-looking
statements"). With respect to the forward-looking statements
contained in this news release, readers are cautioned that numerous
risks, uncertainties and other factors could cause our actual
results to differ materially from those indicated in these
statements including, but not limited to: the effect of the
distribution of capital on our liquidity and ability to operate the
business; future shareholder actions with respect to our
capitalization and strategic direction; the performance of stock
markets generally; our ability to satisfy regulatory and stock
exchange standards and requirements to maintain our exchange
listing; the uncertainty of our future operating results, which are
likely to fluctuate; our ability to maintain our collaboration with
Smith & Nephew; our reliance on sales of Acticoat(TM) products
with our SILCRYST(TM) coatings by Smith & Nephew; the future
financial performance and operating performance of Smith &
Nephew; and management's response to these factors. Although we
have attempted to identify the important risks, uncertainties and
other factors that could cause actual results or events to differ
materially from those expressed or implied in the forward-looking
statements in this release, there may be other factors that cause
actual results or events to differ from those expressed or implied
in forward looking statements. For a more thorough discussion of
the risks associated with our business, see the "Risk Factors"
section in our Annual Report on Form 10-K for the year ended
December 31, 2007 and in our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2008, filed with the U.S. Securities
and Exchange Commission on EDGAR at http://www.sec.gov/ and with
securities authorities in Canada on SEDAR at http://www.sedar.com/.
All forward-looking statements are expressly qualified in their
entirety by this cautionary statement and NUCRYST disclaims any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future
developments or otherwise after the date hereof. DATASOURCE:
NUCRYST Pharmaceuticals Corp. CONTACT: David Wills, Gillian
McArdle, Investor Relations, (416) 504-8464,
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