Pharma-Bio Serv Announces Closing of Laboratory Assets Sale for $5 Million
DORADO, PUERTO RICO / ACCESSWIRE /September 21, 2018 / Pharma-Bio Serv, Inc. (Pharma-Bio Serv or the Company) (OTCQB: PBSV), today announced ithas completed the sale of substantially all of the assets of its laboratorybusiness to Romark Global Pharma, LLC for $5 million ($2.0 million in cash, and$3.0 million in the form of a promissory note payable over two years). Thetransition period was smoothly completed, operations were closed and employeeswere transitioned out as planned.
“Withthe completion of the sale, we move forward with our strategy to concentrateour focus and efforts on our core consulting business, and streamline our operatingsegments,” said Victor Sanchez, CEO of Pharma-Bio Serv.
AboutPharma-Bio Serv, Inc.
Pharma-BioServ is a compliance, project management, and technology transfer supportconsulting firm, headquartered in Puerto Rico, with operations in the U.S.,Ireland, and Spain. Pharma-Bio Serv’score business is FDA and other international regulatory compliance agencyrelated services.The Company’s globalteam includes leading engineering and life science professionals, qualityassurance managers and directors.
Thisnews release contains “forward-looking statements” within the meaningof the U.S. federal securities laws, which statements may include informationregarding the plans, intentions, expectations, future financial performance, orfuture operating performance of Pharma-Bio Serv. Forward-looking statements arebased on the expectations, estimates, or projections of management as of thedate of this news release. Although Pharma-Bio Serv’s management believes theseexpectations, estimates, or projections to be reasonable as of the date of thisnews release, forward-looking statements are inherently subject to significantbusiness risks, economic and competitive uncertainties, or other contingencies,which could cause its actual results or performance to differ materially fromwhat may be expressed or implied in the forward-looking statements. Importantfactors that could cause Pharma-Bio Serv’s actual results or performance todiffer materially from the forward-looking statements include those set forthin the “Risk Factors” section of Pharma-Bio Serv’s Annual Report onForm 10-K for the year ended October 31, 2017, and in its other filings withthe Securities and Exchange Commission, which filings are available on www.sec.gov. Pharma-Bio Servdisclaims any intention or obligation to update or revise any forward-lookingstatements to reflect subsequent events and circumstances, except to the extentrequired by applicable law.
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SOURCE: Pharma-Bio Serv, Inc.https://www.accesswire.com/512411/Pharma-Bio-Serv-Announces-Closing-of-Laboratory-Assets-Sale-for-5-Million