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THE
QUIGLEY CORPORATION
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On May
18, 2009, The Quigley Corporation issued the following press
release.
Press
Release Source: The Quigley Corporation
The
Quigley Corporation Announces Update on Strategic Alternatives and Commitment to
Additional Review of Current Cost Structure
On Monday
May 18, 2009, 4:50 pm EDT
DOYLESTOWN,
Pa., May 18 /PRNewswire-FirstCall/ -- The Quigley Corporation, (Nasdaq: QGLY),
www.quigleyco.com, today announced an update on the Company's possible
alternative strategies going forward following the Company's recent announcement
regarding the unexpected positive finding for its QR-333 (Diabetic Peripheral
Neuropathy) compound during the recently completed Phase 11b clinical trial.
While the complete statistical results of the trial are awaited, the Company's
Board of Directors and management will immediately initiate a process to explore
and evaluate various strategic and financial alternatives available, with the
goal to maximize stockholder value.
The
possible options being considered by the Company currently include, licensing,
joint venture, and if beneficial to the stockholders, the sale of the Pharma
division. In addition, the Company will be actively considering the separation
of the OTC and Pharma assets to further explore all means of maximizing
stockholder value. In order to properly evaluate these options, the Company is
in the process of retaining a nationally recognized investment banker to serve
as its financial advisor in connection with this process.
The
Company also confirmed today that in addition to the consolidation process
currently underway at its manufacturing facility, Quigley Manufacturing Inc., it
is committed to implementing further cost reductions particularly in the area of
compensation for certain executives and other operating areas as deemed
necessary. The cost reduction has become necessary due to reduced performance of
the Company's OTC segment of the business which is reflective of the broad
downturn in consumer spending on this category of goods.
Guy J.
Quigley, Chairman, Chief Executive Officer and President of The Quigley
Corporation, stated, "As we continue to implement our long-term strategic plan
and work to realize the potential of Pharma's QR-333 compound to treat Diabetic
Peripheral Neuropathy and other formulations currently under development by the
Company's Pharma division, management and our Board of Directors have determined
that we should examine all potential means for maximizing value for our
stockholders. Due to the current broad economic decline in the overall HBC
category (Health and Beauty Care) marketplace, in both dollar and unit sales, a
segment of the market into which cold remedies such as COLD-EEZE falls, we
foresee no sign of immediate improvement. Therefore, we are taking the
additional steps announced today to more closely align our operating costs with
the current decreased level of demand for the Company OTC
products."
The
Company cautions that there can be no assurance that the exploration of
strategic alternatives will result in any specific transaction. The Company does
not expect to disclose further developments regarding the process until the
completion of the strategic alternatives review and a decision by the Board of
Directors regarding a transaction or course of action.
CONTACT:
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Gerard M. Gleeson
The Quigley Corporation
Vice President, CFO
(215) 345-0919
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Mark Harnett / Bob Marese
MacKenzie Partners, Inc.
(212) 929-5500
Quigley@mackenziepartners.com
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Carl Hymans
G. S. Schwartz & Co.
212-725-4500
carlh@schwartz.com
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