CK Life Sciences acquires additional voting shares of WEX Pharmaceuticals

Oct 19 2009

CK Life Sciences Int'l., (Holdings) Inc. ("CKLS") of Hong Kong (Hong Kong Stock Exchange Limited Stock Code 0775) and WEX Pharmaceuticals Inc. ("WEX" or the "Company") (TSX:WXI) announced today that CKLS has acquired an additional 116,852,062 restricted voting shares of WEX to bring its holding to 133,179,334 restricted voting shares, or 75.25% of the total outstanding restricted voting shares.

The acquisition was made through the conversion by Pharmagesic (Holdings) Inc., a wholly-owned subsidiary of CKLS, of a $15,600,000 Convertible Debenture of WEX at a price of $0.1409 per share and the issuance of 6,155,197 shares at an average price of $0.2083 per share in lieu of accrued but unpaid interest on the amounts outstanding from time to time under the Debenture from its original date of issue on October 17, 2007 to the conversion date. The 116,852,062 additional restricted voting shares being acquired by CKLS represent 66.02% of the restricted voting shares outstanding after the conversion.

Mr. Alan Yu, Vice-President and Chief Operating Officer of CKLS and Chairman of the Board of WEX said: "CKLS has determined that it is appropriate to exercise its conversion right at this juncture under the terms of the Convertible Debenture. The acquisition of this additional equity stake is being made as a strategic investment." CKLS may in the future increase or decrease its ownership in securities of WEX depending on the business and prospects of WEX and/or CKLS as well as market conditions.

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