1st Dec 2005 11:16
Provalis PLC01 December 2005 Provalis plc AGM and EGM Provalis plc (LSE: PRO), the international Medical Diagnostics andPharmaceuticals Group, held its Annual General Meeting today. The Chairman, Frank Harding, made the following statement: "As I stated in this year's Annual Report, the last financial year wasdifficult. As a consequence, we announced on 16th November 2005 that the Boardhad widened its review to consider all strategic and funding options availableto the Group and how best to maximise value for shareholders. "In advance of the outcome of this strategic review, the Board is in the processof significantly reducing the Group's cash expenditure in the short and mediumterm. It has already cut the US and central cost bases substantially. "I would like to take this opportunity to thank the employees of Provalis. Theyhave continued to work with dedication and professionalism during testing timesfor the Group as a whole and also for them as individuals." With the exception of Resolution 4, which was withdrawn, all resolutions at theAGM were passed. The one resolution at the EGM was also passed. 1 December 2005 For further information:- College HillAdrian Duffield/Corinna Dorward 020 7457 2815/2803 Notes to Editors Provalis plc (LSE: PRO) is an international healthcare group with two operatingbusinesses:- • Medical Diagnostics - develops medical diagnostic products forchronic disease management for sale to world markets. The business' principalproducts are in2itTM A1C and Glycosal(R), both diabetes diagnostic tests. • Pharmaceuticals - sells and markets its own, and third party,branded, prescription medicines in the UK and Ireland to GPs and hospitalsthrough its regionally managed sales force. The business' principal product isDiclomax(R), a medicine for use in the treatment of musculo-skeletal disorders,and it also sells products in the areas of osteoporosis, migraine anddermatology. Visit Provalis' Website at http://www.provalis.com "Safe Harbor" Statement under the US Private Securities Litigation Reform Act of1995: Statements in this announcement that relate to future plans, expectations,events, performances and the like are forward-looking statements as defined inthe US Private Securities Litigation Reform Act of 1995. Actual results ofevents could differ materially from those described in the forward-lookingstatements due to a variety of factors. Such factors include, among others: theviability of the Group's products, which are at various stages of development;the generation of sufficient operating cash flow by the Group's pharmaceuticaland medical diagnostic businesses to finance the ongoing development of thesebusinesses as well as the Group's research and development activities; thesuccess of the Group's research and development strategy and activities;uncertainties related to future clinical trial results and the associatedregulatory process; the execution and success of collaborative agreements withthird parties; availability and level of reimbursement for the Group's productsfrom government health administration authorities or other third-party payors;the rate of net cash utilisation within the Group and, hence, the Group'spossible need for additional capital in the short, medium and/or long term; theGroup's intellectual property position and the success of patent applicationsfor its products and technologies; the Group's dependence on key personnel;general business and economic conditions; the impact of future laws, regulationsand policies; stock market trends in the Group's sector; and other factorsbeyond the Group's control that may cause the Group's available capitalresources to be used more quickly than expected. These and other factors thatcould affect the Company's future results are more fully described in itsfilings with the US Securities and Exchange Commission, in particular the latest20-F filing, copies of which are available from the Company Secretary at theCompany's registered address. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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