The Quigley Corporation Announces Final Voting Results for 2009 Annual Meeting of Shareholders; Judge Orders Incumbent Board to
June 01 2009 - 6:25PM
PR Newswire (US)
DOYLESTOWN, Pa. June 1 /PRNewswire-FirstCall/ -- The Quigley
Corporation, (NASDAQ:QGLY), http://www.quigleyco.com/, today
announced that IVS Associates, Inc., the inspector of election for
Quigley's 2009 annual meeting of shareholders, issued its final
report, showing that Ted Karkus' seven director nominees received a
larger number of votes than Quigley's incumbent directors. The
Company also announced that despite the final voting results issued
today by IVS, the final outcome of the director election remains
uncertain. On May 19, 2009, one day before the Company's 2009
Annual Meeting, the Company announced it had uncovered an
undisclosed financial arrangement between Karkus and the Company's
Quigley Pharma, Inc. subsidiary COO, Dr. Richard A. Rosenbloom.
Karkus had previously stated in sworn testimony that at no time did
he have any financial arrangement with any employee of The Quigley
Corporation. Since the Annual Meeting, the Company has learned that
Dr. Rosenbloom may have also had undisclosed financial arrangements
with one of Karkus' director nominees and with John Ligums, an
alleged member of the Karkus Group. On May 29, 2009, upon a motion
by the Company detailing these recent developments, the District
Court Judge in the United States District Court for the Eastern
District of Pennsylvania ordered the Company to operate under a
standstill agreement with respect to the composition of the
Company's Board of Directors pending a Court hearing on the motion.
The Company expects the motion will be heard by Friday, June 5,
2009. About The Quigley Corporation The Quigley Corporation
(NASDAQ:QGLYNASDAQ:http://www.Quigleyco.com) is a diversified
natural health medical science company. Its Cold Remedy segment is
a leading marketer and manufacturer of the COLD-EEZE(R) family of
lozenges, gums and sugar free tablets clinically proven to cut the
common cold nearly in half. COLD-EEZE customers include leading
national wholesalers and distributors, as well as independent and
chain food, drug and mass merchandise stores and pharmacies. The
Quigley Corporation has several wholly owned subsidiaries; Quigley
Manufacturing Inc. consists of two FDA approved facilities to
manufacture COLD- EEZE(R) lozenges as well as fulfill other
contract manufacturing opportunities. Quigley Pharma Inc.
(http://www.quigleypharma.com/) conducts research in order to
develop and commercialize a pipeline of patented botanical and
naturally derived potential prescription drugs. Forward-Looking
Statements Certain statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and
unknown risk, uncertainties and other factors that may cause the
Company's actual performance or achievements to be materially
different from the results, performance or achievements expressed
or implied by the forward-looking statement. Factors that impact
such forward-looking statements include, among others, changes in
worldwide general economic conditions, changes in interest rates,
government regulations, and worldwide competition. CONTACT: Gerard
M. Gleeson Mark Harnett / Bob Marese The Quigley Corporation
MacKenzie Partners, Inc. Vice President, CFO (212) 929-5500 (215)
345-0919 Carl Hymans G. S. Schwartz & Co. 212-725-4500
DATASOURCE: The Quigley Corporation CONTACT: Gerard M. Gleeson,
Vice President, CFO of The Quigley Corporation, +1-215-345-0919; or
Mark Harnett or Bob Marese, both of MacKenzie Partners, Inc.,
+1-212-929-5500, ; or Carl Hymans of G. S. Schwartz & Co.,
+1-212-725-4500, Web Site: http://www.quigleypharma.com/
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