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Message: PharmEng has Received Notice of Reclassification to Tier 2 Issuer Status
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PharmEng has Received Notice of Reclassification to Tier 2 Issuer Status

posted on Apr 21, 2009 06:20AM
April 21, 2009
PharmEng has Received Notice of Reclassification to Tier 2 Issuer Status
TORONTO, ONTARIO--(Marketwire - April 21, 2009) - PharmEng International Inc. (TSX VENTURE:PII) (the "Company"), today announced that on April 15, 2009 it received notice that the TSX Venture Exchange (the "Exchange") has issued a bulletin reclassifying the Company from Tier 1 to Tier 2 effective April 17, 2009.

Pursuant to the policies of the Exchange, once an issuer has been classified as Tier 2, they must remain at Tier 2 for a minimum of 6 months prior to the Exchange accepting an application for graduation to Tier 1. To retain Tier 2 status, a Tier 2 issuer must continue to meet the applicable Tier 2 maintenance requirements, or the issuer may be put on notice to be transferred to NEX.

The Exchange has also placed the Company on notice for suspension of its shares from trading for failing to comply with certain Exchange requirements relating to the minimum number of directors required for a listed issuer. The Company has been given a deadline of April 29, 2009 to remedy such deficiency, otherwise the Exchange will issue a bulletin suspending the trading of the shares of the Company without further notice.
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