July 15, 1999
Paladin Hires Mr. Lennie Ryer as its Chief Financial Officer & Completes $200,000 Private Placement
Paladin is pleased to announce the appointment of Mr. Lennie Ryer, C.A., CFE to the position of Chief Financial Officer, effective August 1, 1999. In addition, Paladin has agreed to issue 46,512 common shares to Mr. Ryer at $4.30 per share for aggregate proceeds of $200,000. Closing of this private placement is subject to Vancouver Stock Exchange approval.
Mr. Ryer is currently the managing partner of the Montreal office of BDO Dunwoody, a national accounting firm. Mr. Ryer has practiced accounting for 17 years, largely in the areas of Mergers & Acquisitions and Taxation. In addition, he is currently an active member of the Board of Directors of the Just for Kids Foundation (Montreal Children’s Hospital).
In his new role as a member of Paladin’s management team, Mr. Ryer will assume responsibility for the financial operations of Paladin and serve as the primary interface with the investment community.
Jonathan Goodman, President of Paladin stated, "Mr. Ryer is going to greatly assist Paladin in fulfilling its strategy of acquiring innovative pharmaceuticals for the Canadian market. His first assignment will be to examine means to increase the liquidity of Paladin shares, and to enhance the profile of the Company. We are thrilled to have Lennie join our team and demonstrate his commitment to the success of Paladin through his significant investment in Paladin.”
Paladin’s mission is to understand and serve the needs of Canadian health-care professionals in niche therapeutic areas through the development, licensing and commercialization of innovative products.
Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.About Paladin Labs Inc.
Paladin Labs, headquartered in Montreal, Quebec is a Canadian developer, marketer and distributor of innovative pharmaceuticals, currently offering products in urology, dermatology, rheumatology and other specialty markets. For more information about Paladin, please visit the Paladin Web Site at www.paladin-labs.com or send e-mail to ir@paladin-labs.com.
This news release may contain forward-looking statements or predictions. These statements represent our judgement as of this date and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements Potential risks and uncertainties include, without limitation, those associated with product development, clinical trials, future revenues and profitability, and obtaining marketing approval. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in the projections or forward-looking statements.
PALADIN LABS INC.
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