PharmaNet Development Group, Inc. Obtains Waiver on Its Credit Facility
October 03 2006 - 5:00PM
Business Wire
PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading
provider of drug development services, today announced that it has
obtained from its lenders a waiver to certain covenants and terms
of its Senior Secured Credit Facility (�credit agreement�)
effective from September 30, 2006 through October 15, 2006. �The
negotiation of the amendment to the credit agreement has received
the highest priority since my appointment in August,� commented
John P. Hamill, executive vice president and chief financial
officer. "We expect to complete the amendment process on or before
October 15, 2006.� Further details are being filed on a Form 8-K
with the SEC. A copy of the waiver will be filed as an exhibit to
the Company�s upcoming Form 10-Q filing for the quarter ending
September 30, 2006 About PharmaNet Development Group, Inc.
PharmaNet Development Group, Inc. is an international drug
development services company offering a comprehensive range of
clinical development, clinical and bioanalytical laboratory, and
consulting services to the branded pharmaceutical, biotechnology,
generic drug and medical device industries. PharmaNet Development
Group, Inc. has more than 30 offices, facilities and laboratories
with more than 2,000 employees strategically located throughout the
world. For more information, visit the Company's website at
http://www.pharmanet.com. Forward-Looking Statements Certain
statements made in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Additionally words such as "seek,"
"intend," "believe," "plan," "estimate," "expect," "anticipate" and
other similar expressions are forward-looking statements within the
meaning of the Act. Some or all of the results anticipated by these
forward-looking statements may not occur. Factors that could cause
or contribute to such differences include, but are not limited to,
industry trends and information; our ability to implement a
sale/leaseback arrangement for the construction of our Quebec City
headquarters for Anapharm; whether adverse publicity relating to
the Company�s discontinued Miami operations causes clients to
select competitors, not only for early stage branded clinical
trials but also for other aspects of the Company�s business; its
ability to comply with the timeline agreed upon in the settlement
reached with the Miami-Dade County Unsafe Structures Board and any
related fines or expenses if we are unsuccessful complying with
such timeline; the associated costs and expenses with discontinuing
the Company's operations in Miami and Ft. Myers, including the
potential costs of the demolition of the Miami facility; the
Company's ability to determine its impairment charges and costs of
discontinued operations; whether the Company will achieve its
estimated value for its Miami property; developments with respect
to the SEC's inquiry and securities class action lawsuits and
derivative lawsuits; the Company�s ability to successfully achieve
and manage the technical requirements of specialized clinical trial
services, while complying with applicable rules and regulations;
regulatory changes; changes affecting the clinical research
industry; a reduction of outsourcing by pharmaceutical and
biotechnology companies; the Company�s ability to compete
internationally in attracting clients in order to develop
additional business; the Company�s evaluation of its backlog and
the potential cancellation of contracts; its ability to retain and
recruit new employees; its clients' ability to provide the drugs
and medical devices used in its clinical trials; the Company�s
future stock price; its assessment of its effective tax rate; the
Company�s financial guidance; its ability to obtain additional
waivers or amendments of its Credit Facility; our future effective
tax rate; our ability to amend our credit facility within our
anticipated timeline; our anticipated 2006 capital expenditures;
our 2006 costs of compliance of Section 404 of the Sarbanes-Oxley
Act; our ability to remediate our material weaknesses; the impact
of foreign currency transaction costs and the effectiveness of any
hedging strategies that we implement; and the national and
international economic climate as it affects drug development
operations. Further information can be found in the Company�s risk
factors contained in its Annual Report on Form 10-K for the year
ended December 31, 2005, and its most recent Quarterly Report on
Form 10-Q, which were originally filed as SFBC International
(NASDAQ: SFCC). The Company does not undertake to update the
disclosures made herein, and you are urged to read our filings with
the Securities and Exchange Commission. PharmaNet Development
Group, Inc. (NASDAQ: PDGI), a leading provider of drug development
services, today announced that it has obtained from its lenders a
waiver to certain covenants and terms of its Senior Secured Credit
Facility ("credit agreement") effective from September 30, 2006
through October 15, 2006. "The negotiation of the amendment to the
credit agreement has received the highest priority since my
appointment in August," commented John P. Hamill, executive vice
president and chief financial officer. "We expect to complete the
amendment process on or before October 15, 2006." Further details
are being filed on a Form 8-K with the SEC. A copy of the waiver
will be filed as an exhibit to the Company's upcoming Form 10-Q
filing for the quarter ending September 30, 2006 About PharmaNet
Development Group, Inc. PharmaNet Development Group, Inc. is an
international drug development services company offering a
comprehensive range of clinical development, clinical and
bioanalytical laboratory, and consulting services to the branded
pharmaceutical, biotechnology, generic drug and medical device
industries. PharmaNet Development Group, Inc. has more than 30
offices, facilities and laboratories with more than 2,000 employees
strategically located throughout the world. For more information,
visit the Company's website at http://www.pharmanet.com.
Forward-Looking Statements Certain statements made in this press
release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Act").
Additionally words such as "seek," "intend," "believe," "plan,"
"estimate," "expect," "anticipate" and other similar expressions
are forward-looking statements within the meaning of the Act. Some
or all of the results anticipated by these forward-looking
statements may not occur. Factors that could cause or contribute to
such differences include, but are not limited to, industry trends
and information; our ability to implement a sale/leaseback
arrangement for the construction of our Quebec City headquarters
for Anapharm; whether adverse publicity relating to the Company's
discontinued Miami operations causes clients to select competitors,
not only for early stage branded clinical trials but also for other
aspects of the Company's business; its ability to comply with the
timeline agreed upon in the settlement reached with the Miami-Dade
County Unsafe Structures Board and any related fines or expenses if
we are unsuccessful complying with such timeline; the associated
costs and expenses with discontinuing the Company's operations in
Miami and Ft. Myers, including the potential costs of the
demolition of the Miami facility; the Company's ability to
determine its impairment charges and costs of discontinued
operations; whether the Company will achieve its estimated value
for its Miami property; developments with respect to the SEC's
inquiry and securities class action lawsuits and derivative
lawsuits; the Company's ability to successfully achieve and manage
the technical requirements of specialized clinical trial services,
while complying with applicable rules and regulations; regulatory
changes; changes affecting the clinical research industry; a
reduction of outsourcing by pharmaceutical and biotechnology
companies; the Company's ability to compete internationally in
attracting clients in order to develop additional business; the
Company's evaluation of its backlog and the potential cancellation
of contracts; its ability to retain and recruit new employees; its
clients' ability to provide the drugs and medical devices used in
its clinical trials; the Company's future stock price; its
assessment of its effective tax rate; the Company's financial
guidance; its ability to obtain additional waivers or amendments of
its Credit Facility; our future effective tax rate; our ability to
amend our credit facility within our anticipated timeline; our
anticipated 2006 capital expenditures; our 2006 costs of compliance
of Section 404 of the Sarbanes-Oxley Act; our ability to remediate
our material weaknesses; the impact of foreign currency transaction
costs and the effectiveness of any hedging strategies that we
implement; and the national and international economic climate as
it affects drug development operations. Further information can be
found in the Company's risk factors contained in its Annual Report
on Form 10-K for the year ended December 31, 2005, and its most
recent Quarterly Report on Form 10-Q, which were originally filed
as SFBC International (NASDAQ: SFCC). The Company does not
undertake to update the disclosures made herein, and you are urged
to read our filings with the Securities and Exchange Commission.
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