WEX Pharmaceuticals: Shareholders' Meeting Update
August 11, 2006
Vancouver, BC - (August 11, 2006) - Earlier this week, two shareholders of the Company who hold in the aggregate less than one-half of one percent of the outstanding shares (the "Dissidents") launched proceedings against the Company following the Company's decision to provide its shareholders with a fair opportunity to evaluate responses to matters raised by the Dissidents in response to the Company's decision to reschedule its Annual General Meeting to September 29, 2006.
The Dissidents' effort to move the meeting date was denied by the Court with the result that the rescheduled meeting will take place on September 29th as previously disclosed.
As a result of the Dissidents' lawsuit, the Company became aware of certain activities undertaken by an agent of the Dissidents which the Company believed, amongst other things, tainted the election process and accordingly commenced legal proceedings to enforce the Company's rights.
The proxy solicitation undertaken by the Dissidents with respect to the cancelled meeting involved a strategy that raised a number of issues and made numerous unsubstantiated allegations against management and the Board. As a result, and in the interest of fairness, the meeting was rescheduled in order to allow the shareholders an ample opportunity to receive information from both the Dissidents and the Company so that they can make an informed decision on the issues being placed before them.
With the unnecessary litigation out of the way, the Company can again turn its attention to the business opportunities ahead of it. A formal Notice of Meeting and an Information Circular will be sent to shareholders in accordance with all regulatory requirements.
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain. The Company's principal business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for the global market. The Company's Chinese subsidiary sells generic products manufactured at its facility in China.
Forward Looking Statements
This News Release contains forward-looking statements which may not be based on historical fact. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
For additional information on our products, visit us at www.wexpharma.com or call Dr. Edge Wang, President & CEO at 604-683-8880 or 1-800-722-7549.
