Replies to post #13266 on Intellipharmaceutics International Inc. (IPCI)

[umiak]

TORONTO, May 25, 2015 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced that it has agreed to purchase the land and building from which it conducts its operations at 30 Worcester Road, Toronto, Ontario (the "operating property") as well as the land and building of the adjoining property at 22 Worcester Road (the "adjoining property") for a combined purchase price of Cdn. $4,700,000. The operating property has been occupied by the Company since 2004 pursuant to a lease, and is approximately 25,000 sq. ft. The adjoining property includes a building of approximately 40,000 sq. ft. that is not currently occupied by the Company. The adjoining property is expected to provide the Company with space that will permit expansion of the Company's operations. There can be no assurance that the purchase transaction will be completed.

The Company's operating property has been its main site for over 10 years and comprises its management, R&D, manufacturing, quality control and analytical testing components. The United States Food and Drug Administration ("FDA") and Health Canada had previously granted "acceptable" classification to those aspects of the operating facility that permit the Company to be in a position to receive final approvals for certain drug applications and to permit manufacturing, testing, release and storage of drug products intended for commercial sales in the United States and Canada after any such approvals. No assurance can be given as to whether or when the FDA or Health Canada will approve any Intellipharmaceutics application for its product candidates, that its facility will continue to satisfy the requirements of the FDA or Health Canada, or that any of its product candidates will be successfully commercialized.

The purchase transaction is subject to various closing conditions, including the Company obtaining financing that is satisfactory to the Company, and the property owner obtaining a municipal severance approval necessary for the transfer of the properties. Prior to entering into the agreement to acquire the properties, in order to ensure continuity of use of its operating property in the event the acquisition was not consummated, the Company also recently exercised its right to renew its lease of the operating property for a term of five years to November 2020, beyond the expiry of the current term ending November 30, 2015.

"I am very pleased we have taken these steps to secure the continued use of our existing operating facilities. In addition, if the acquisition transaction proceeds, the acquisition of the adjoining property will accommodate our anticipated growth requirements given the numerous product candidates of the Company pending regulatory approval," stated Dr. Isa Odidi, the Company's Chair and CEO.

- See more at: http://globenewswire.com/news-release/2015/05/26/738805/10135832/en/Intellipharmaceutics-Announces-Agreement-to-Acquire-Real-Property-that-Houses-its-Manufacturing-R-D-and-Office-Facilities-in-Toronto-Ontario-and-Status-of-5mg-Strength-of-its-Gener.html#sthash.4D5zUwYz.dpuf

http://globenewswire.com/news-release/2015/05/26/738805/10135832/en/Intellipharmaceutics-Announces-Agreement-to-Acquire-Real-Property-that-Houses-its-Manufacturing-R-D-and-Office-Facilities-in-Toronto-Ontario-and-Status-of-5mg-Strength-of-its-Gener.html

[doogdilinger]

Well I hate to break it to whoever posted that hogwash on that site but IPCI's HQ's is already located at 30 Worcester Road Etobicoke...and there's already buildings/properties and several businesses at all those other individual Worcester Road Etobicoke addresses too lol.

So the heading "delegated" applied in that Etobicoke minutes meeting applied to both the 22 Worcester Road and 30 Worcester Road Etobicoke addresses listed along with the others...has absolutely nothing to do with some supposed "owner of a building that is supposedly applying to subdivide said building into supposed multiple addresses" since those addresses ALL already exist lmfao!!!

I sometimes wonder what the heck goes through peoples heads when they post their imaginary bs in cyber-space...instead of providing accurate due diligence/facts b4 making the decision to start spinning completely bogus fairy tales and silly hogwash lmfao>>>

Here's what was said in the link provided...which could mean anything from contemplated postal code changes, to a wide variety of other business zoning issues the City of Etobicoke is contemplating applying to any/all businesses that choose to move into any of the buildings on that Worcester Road block:

DELEGATED:

22, 30, 50, 60, 70, 80 WORCESTER RD Etobicoke

And a simple google search easily reflects several businesses at all the above listed addresses...so the fairy tale about some 1 building owner at 22 Worcester road supposedly applying to divide 22 Worcester into numbers 22 through 80 Worcester Road is complete bs>>>

22 Worcester Road Etobicoke:
http://www.interfast.ca/contact-us

30 Worcester Road Etobicoke:
http://www.intellipharmaceutics.com/contactus.cfm

50 Worcester Road Etobicoke:
https://foursquare.com/v/mts-allstream/4eb163ca5c5c80159ca1afd0

60 Worcester Road Etobicoke:
http://www.canpages.ca/page/ON/etobicoke/omni-facility-services-canada-limited/7768376

70 Worcester Road Etobicoke:
http://www.profilecanada.com/companydetail.cfm?company=140374_FuelMaker_Corporation_Etobicoke_ON

80 Worcester Road Etobicoke:
http://www.yelp.ca/biz/millway-frozen-foods-etobicoke