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Nuvo announces second quarter 2008 financial results
Date:7/31/2008

e terms of the Pennsaid Plus License Agreement as it did not reach a required milestone by May 21, 2008.

Additionally, the Company and its Canadian distributor, Paladin, reached an agreement to amend the Pennsaid and Pennsaid Plus licensing arrangements. Under the terms of the new arrangements Paladin's wholly owned subsidiary, Squire, agreed to make payments totaling $2.5 million to the Company in lieu of future payments relating to Canadian sales of Pennsaid prior to January 1, 2011 and to repay certain receivables. Subsequent to January 1, 2011, Squire will pay the Company a royalty on all Canadian sales of Pennsaid. Squire also invested $2.0 million in the Company by way of a two-year convertible debenture. This debenture bears interest at 8% per annum and is convertible into Nuvo common shares at a price of $0.138.

On July 29, 2008, Paladin informed the Company that it had received notices of reassessment from the Canada Revenue Agency related to Squire (formerly Dimethaid Health Care Ltd. ("DHCL")) for the 2005 and 2006 tax years (the "Tax Years"). These reassessments contained adjustments relating to transactions occurring in 2005. Under the terms of the August 2005 agreement (the "Sale Agreement") whereby the Company sold DHCL to Paladin, the Company provided certain indemnities (the "Indemnities") related to DHCL's tax assets. The Company disagrees with the position taken by the CRA, believes it is without merit and intends to contest the reassessment. The Company estimates its obligations under the Indemnities to be in the range of $3.5 million to $4.5 million, plus interest and penalties of approximately $1.7 million related to the Tax Years. In addition, the Company expects the obligation under the Indemnities to increase once interest and penalties are assessed on Squire's 2007 tax filings. The CRA may take action to immediately collect 50% of the reassessed amount from Squire for the Tax Years as it is permitted to do. As a result, Squire
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SOURCE Nuvo Research Inc.
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