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Encorium Reports Third Quarter 2009 Financial Results; Announces Date of Annual Stockholder Meeting
Date:11/16/2009

g concern, and that no adjustments have been made to the financial statements that might result from the outcome of this uncertainty.

On October 19, 2009, the Company completed a private placement of 3,937,500 shares of our common stock with a private investor for an aggregate purchase price of $1,575,000, or $.40 per share. Prior to the transaction, the Company entered into Warrant Exchange Agreements with two investors (the "Investors") pursuant to which the Company issued to the Investors an aggregate of 1,864,000 shares of Common Stock (collectively, the "Exchange Shares") and warrants to purchase an aggregate of 874,126 shares of Common Stock, exercisable for a period of five years, at an exercise price of $.40 per share (collectively, the "Exchange Warrants"). The Exchange Shares and Exchange Warrants were issued in exchange for warrants dated as of May 9, 2007 held by the Investors to purchase an aggregate of 874,126 shares of Common Stock of the Company (collectively, the "Original Warrants"). Except as described above, the terms of the Exchange Warrants, including anti-dilution adjustments, are substantially similar to those of the Original Warrants.

The Company also announced on October 19, 2009, that it has terminated previously announced negotiations for the sale of the Company's wholly-owned subsidiary Encorium OY to a clinical research organization based in the United States and will not pursue a sale of the Company or Encorium Oy at this time.

The Company anticipates that will meet its cash requirements at least into the second quarter of 2010, assuming it is able to fully implement its current costs cutting initiatives, it is able to win additional contracts during fiscal 2009 and it is able to maintain current customer contracts. We will continue to seek strategic alternatives, including, but not limited to attempting to secure additional financing. The Company's ability to obtain additional financing in the fu
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SOURCE Encorium Group, Inc.
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