Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, Oct. 2 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company")
is pleased to announce that it has come to an agreement with the holders of
the $1,000,000 convertible debenture to postpone the maturity date by one year
to September 22, 2007. Under the new agreement, the interest rate has changed
from 8% to 9% per annum and the debenture conversion price has changed from
$0.45 to $0.25 per common share.
"I am gratified by the confidence and trust shown by the debenture
holders to leave the money with the Company for 30 months," said Dr. Madi R.
Madiyalakan, Chief Executive Officer for the Company.
Dr. Donald J. Rix, Lead Director for the Corporation, is also pleased to
announce the appointment of Dr. Madi R. Madiyalakan as its Chief Executive
Officer, effective immediately. Dr. Madiyalakan has been providing management
services to the Corporation since August, 2005 through his consulting company,
BioStrat Inc. Since the expiry of that arrangement, he has agreed to take on
this leadership role for the Company.
"I am pleased to note that Dr. Madiyalakan has agreed to devote more time
to the Company. Now more than ever, Dr. Madiyalakan's business development
skills are needed to commercialize the SonoLight-based products," said Dr.
Rix. As part of his remuneration, Dr. Madiyalakan was granted 400,000 stock
options exercisable at $0.25 per common share.
Quest also announces that its 2006 Annual General Meeting will be held at
2:00 pm, Thursday, December 7th at the Greenwood Inn in Edmonton. An
Information Circular will soon be sent out. All shareholders and other
interested parties are welcome to attend.
Quest also announces the release of its Q2, fiscal 2007 financial
statements which are available to be viewed on the Company's website
(www.questpharmatech.com) or at www.SEDAR.com.
Finally, the Company wishes to announce that it has granted, in addition
to the grant of stock options noted above, a total of 550,000 stock options to
3 Officers, 5 employees and 4 outside consultants. The exercise price of the
options is $0.25. All allocations will be subject to approval by the TSX
Venture Exchange.
About Quest PharmaTech Inc.
The Corporation is a publicly traded (TSX Venture Exchange: QPT),
Alberta-based pharmaceutical company committed to the development and
commercialization of new pharmaceutical products. It is developing a series of
products for the treatment of cancer and dermatological conditions based on
its unique photodynamic and sonodynamic therapy platform.
Except for historical information, this press release may contain
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risk and
uncertainties, which may cause but are not limited to, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the regulatory
approval process and other risks detailed from time to time in the Company's
ongoing quarterly and annual reporting.
TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
%SEDAR: 00008400E
