Business
Quest PharmaTech Renegotiates the Terms of the $1,000,000 Convertible Debenture and provides other Corporate updates
Quest PharmaTech Renegotiates the Terms of the $1,000,000 Convertible Debenture and provides other Corporate updates.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\nEDMONTON, Oct. 2 /CNW/ - Quest PharmaTech Inc. (\"Quest\" or the \"Company\")\nis pleased to announce that it has come to an agreement with the holders of\nthe $1,000,000 convertible debenture to postpone the maturity date by one year\nto September 22, 2007. Under the new agreement, the interest rate has changed\nfrom 8% to 9% per annum and the debenture conversion price has changed from\n$0.45 to $0.25 per common share.\n\"I am gratified by the confidence and trust shown by the debenture\nholders to leave the money with the Company for 30 months,\" said Dr. Madi R.\nMadiyalakan, Chief Executive Officer for the Company.\nDr. Donald J. Rix, Lead Director for the Corporation, is also pleased to\nannounce the appointment of Dr. Madi R. Madiyalakan as its Chief Executive\nOfficer, effective immediately. Dr. Madiyalakan has been providing management\nservices to the Corporation since August, 2005 through his consulting company,\nBioStrat Inc. Since the expiry of that arrangement, he has agreed to take on\nthis leadership role for the Company.\n\"I am pleased to note that Dr. Madiyalakan has agreed to devote more time\nto the Company. Now more than ever, Dr. Madiyalakan's business development\nskills are needed to commercialize the SonoLight-based products,\" said Dr.\nRix. As part of his remuneration, Dr. Madiyalakan was granted 400,000 stock\noptions exercisable at $0.25 per common share.\nQuest also announces that its 2006 Annual General Meeting will be held at\n2:00 pm, Thursday, December 7th at the Greenwood Inn in Edmonton. An\nInformation Circular will soon be sent out. All shareholders and other\ninterested parties are welcome to attend.\nQuest also announces the release of its Q2, fiscal 2007 financial\nstatements which are available to be viewed on the Company's website\n(www.questpharmatech.com) or at www.SEDAR.com.\nFinally, the Company wishes to announce that it has granted, in addition\nto the grant of stock options noted above, a total of 550,000 stock options to\n3 Officers, 5 employees and 4 outside consultants. The exercise price of the\noptions is $0.25. All allocations will be subject to approval by the TSX\nVenture Exchange.\n\nAbout Quest PharmaTech Inc.\n\nThe Corporation is a publicly traded (TSX Venture Exchange: QPT),\nAlberta-based pharmaceutical company...