Pharmachem Laboratories Signs to Buy Substantial Assets of American Ingredients

SAN DIEGO--On March 16, in U.S. Bankruptcy Court, Southern District of California, Anaheim-based American Ingredients (AI), a Global Health Sciences company, signed a contract with Kearney, N.J.-based Pharmachem Laboratories for the purchase of substantial AI assets from Global Health. The sale is subject to Section 363 of the Bankruptcy Code governing overbid. The court will set a hearing date for procedures and deadlines of the overbid, a process by which another company could outbid Pharmachem for the assets of AI.

Howard Simon, president of American Ingredients, said that the news should please the industry. "American Ingredients' employees, suppliers and especially our customers now know that American Ingredients is here to stay and will remain a viable force in the industry," he said. Furthermore, Simon noted that the possible combination of AI and Pharmachem is exciting because of the products and value-added services they will be able to supply the industry.

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