Forbes Medi-Tech Announces Closing of Asset Sale to Pharmachem Laboratories, Inc. and Change of
Name to FMI Holdings Ltd.
VANCOUVER, BC – Forbes Medi-Tech Inc. (OTCBB:FMTI) (“Forbes” or “Company”) today announced
that on August 26, 2010 the Company completed the previously announced sale of substantially all of its assets
(the “Asset Sale”) to Pharmachem Laboratories, Inc. for cash consideration of US$4.0 million. The Asset Sale
was approved by shareholders at its reconvened special meeting of shareholders on August 24, 2010 (the
“Meeting”). In connection with the completion of the Asset Sale, the Company has changed its name to FMI
At the Meeting, shareholders of the Company also approved the liquidation of the Company (the “Liquidation”)
and the appointment of Abakhan & Associates Inc. (“Abakhan”) as liquidator. The Company currently
anticipates that the Abakhan will be formally appointed as liquidator on or about September 1, 2010.
In connection with the wind-up of the Company, one distribution will be made to shareholders which will include
the cash proceeds realized under the Asset Sale less any payments made in respect of the Company’s remaining
ongoing costs and liabilities. The Company expects the net proceeds of the Liquidation to be in the range of Cdn
$0.50 to Cdn $0.58 per share.
The distribution is expected to occur within six months following completion of a claims procedure that will be
established under the supervision of the appointed liquidator, Abakhan & Associates Inc. It is expected that,
following the distribution, the Company’s common shares will be cancelled and de-listed from the OTCBB. It is
anticipated that the wind-up of the Company will be completed in the first quarter of 2011, although the ultimate
timing of a distribution and the wind-up of the Company may vary from what is expected. In addition, to the
extent that, among other things: (i) transaction and wind-up costs; (ii) the Company’s net cash position at closing;