Message #23 From:
NewsBot Date: June 4, 2008 10:23:13 AM
ACET Stock: Aceto Corporation Announces Sale of Its Phorate Product Line
Aceto Corporation (NASDAQ:ACET pharmaceuticle stock), a global leader in the sourcing,
regulatory support, marketing and distribution of chemically derived
pharmaceuticals, biopharmaceuticals, specialty chemicals and crop
protection products, today announced that Aceto Agricultural Chemicals
Corporation (“Aceto Ag.”)
has completed the sale of its Phorate product line to AMVAC Chemical
Corporation (“AMVAC”).
This sale includes registrations, data, know-how and certain
inventories. The sale was made in connection with the settlement of
pending litigation between Aceto Ag and AMVAC and details of the
transaction were not disclosed.
Commenting on the sale, Leonard S. Schwartz, Chairman, President and CEO
of Aceto stated, “We are very pleased to reach
a positive agreement with AMVAC which is in the best interests of the
Company and its shareholders. Phorate is a product that has been on the
market for many years and the Company came to the conclusion that it
would be more advantageous and a better utilization of resources, to
direct its Crop Protection activities to newer products that have
significant potential growth possibilities. In addition to Asulam, which
Aceto brought to market 2 years ago, the Company is actively developing
several new products that we expect to launch within the next several
years. In addition, this transaction will have no negative impact on our
fiscal fourth quarter guidance of $0.21 per diluted share.”
ABOUT ACETO
Aceto Corporation, incorporated in 1947, is a global leader in the
sourcing, regulatory support, marketing and distribution of chemically
derived pharmaceuticals, biopharmaceuticals, specialty chemicals and
crop protection products. With a physical presence in ten countries,
Aceto distributes over 1,000 chemicals and pharmaceuticals used
principally as raw materials in the pharmaceutical, crop protection,
surface coating/ink and general chemical consuming industries. Aceto’s
global operations, including a staff of 26 in Shanghai and 14 in India
are unique in the industry and enable its worldwide sourcing and
regulatory capabilities. (ACET-F)
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on current expectations, estimates
and projections of management. Aceto intends for these forward-looking
statements to be covered by the safe-harbor provisions for
forward-looking statements. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates," or variations of
such words are intended to identify such forward-looking statements. The
forward-looking statements contained in this press release include, but
are not limited to, statements regarding the Company’s
strategic initiatives, including developing several new crop protection
products that it plans to launch in the next several years, significant
potential growth possibilities of newer products and the advantage of
directing Company activities to the newer products, results for the
fourth quarter of fiscal year 2008 and prospects for long-term growth.
All forward-looking statements in this press release are made as of the
date of this press release, and Aceto assumes no obligation to update
these forward-looking statements whether as a result of new information,
future events or otherwise, other than as required by law. The
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth or
implied by any forward-looking statements. These uncertainties include,
but are not limited to, the mix of products sold and the profit margins
thereon, order cancellation or a reduction in orders from customers,
competitive product offerings and pricing actions, the availability and
pricing of key raw materials, dependence on key members of management,
risk of entering into new European markets, continued successful
integration of acquisitions, economic and political conditions in the
United States and abroad, as well as other risks detailed in the
Company's SEC reports, including the Company's Form 10-K and other
filings. Copies of these filings are available at www.sec.gov.
Aceto Corporation Theodore Ayvas, 516-627-6000 Director of
Corporate Communications & Investor Relations www.aceto.com
