TORONTO, ONTARIO--(Marketwire - Oct. 6, 2008) - PharmEng International Inc. (TSX VENTURE: PII.V), a full-service consulting and contract manufacturing company, today announced that Bert Loveless, the Chief Financial Officer of PharmEng, will step down from the official role of Chief Financial Officer effectively immediately while providing a transitional period of services to the Company for an undetermined period of time.
Mr. Loveless has been CFO at PharmEng since November, 2006. He was instrumental in the design and implementation of the Company's internal financial controls and was responsible for integrating the accounting processes for the Company's Arnprior based contract manufacturing facilities which was acquired from Pfizer in December 2007. "Bert was a driving force in helping to transform PharmEng from its roots as an international consulting business into what it is today - a recognized leader in pharmaceutical contract manufacturing distributing products to over 30 countries while still maintaining its international consulting operation. We thank him for his considerable contributions," said Ed Parker, Chairman of the Board of PharmEng. Concurrent with Mr. Loveless's resignation, PharmEng today announced the appointment of Brian Fielding, BCom, CA, as Chief Operating and Financial Officer of the Company effective October 7, 2008. "Brian is an experienced public company CFO with an extensive background in operations, restructuring, tax monetization, strategic planning, business processes, and mergers and acquisitions," said Alan Kwong, CEO of PharmEng. "We are delighted to welcome Brian to PharmEng and look forward to him joining our executive leadership team to help guide PharmEng through our next phase of growth and diversification." Mr. Fielding began his career with Coopers and Lybrand (now PricewaterhouseCoopers) and spent 14 years with Aventis Pasteur Limited with the last position as the Vice President of Finance. He served in different capacities as CEO/CFO of Z-Tech Inc. (Canada) a medical device company focused on breast cancer screening, Millenium Biologix Corp., a TSX-listed company dealing with orthobiologics, cell therapy and tissue engineering, and Glycodesign Inc., a TSX-listed drug discovery company focused on cardiovascular and chronic inflammatory diseases. Mr. Fielding has also provided contract CFO services to several other companies including Cita NeuroPharmaceuticals Inc., Helix BioPharam Corp. and Hemosol Inc. Mr. Fielding is a Chartered Accountant and holds a Bachelor of Commerce degree from the University of Toronto. About PharmEng International Inc. PharmEng International Inc., headquartered in Toronto, Canada, is a full-service consulting and contract manufacturing company that serves the pharmaceutical and biotechnology industries in North America and internationally. Consulting services include project management, engineering, GMP, validation, calibration, regulatory compliance and certified training. Contract manufacturing includes pharmaceutical support, formulation development, laboratory testing, and finished solid dosage and liquid products. PharmEng's shares trade on the TSX Venture Exchange under the symbol PII. To find out more about PharmEng International Inc. (TSX-V: PII.V), visit our website at www.pharmeng.com. FORWARD LOOKING STATEMENTS Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of PharmEng to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by PharmEng with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of PharmEng to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction actual results. ContactsCharles IveyPharmEng International Inc.
Vice President
(905) 415-3922 x 116
Website: www.pharmeng.com
