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Pillar Capital Announces Acquisition of Medico Labs' Assets
Date:10/2/2009

NEW YORK, Oct. 2 /PRNewswire/ -- Pillar Capital is pleased to announce its acquisition of the assets of Medico Labs of Hamilton, NJ, pursuant to an order of the Bankruptcy Court for the District of New Jersey, dated September 17, 2009, approving the sale free and clear of claims. The Medico Labs business will be rebranded as Chartwell Pharmaceuticals.

Medico Labs, established in 2000, manufactures and distributes private label and store brand pharmaceuticals for companies throughout North America and many countries overseas. The company also performs contract manufacturing services for some of the leading names in the pharmaceutical industry.

"Medico is a strong business with a committed and loyal customer base. Its products can be found in many countries and has a tradition of quality manufacturing," said Jack Goldenberg, Managing Partner of Pillar Capital. "With a strong balance sheet and an enhanced management team, the company will be able to significantly expand its ability to service the needs of its clients."

Medico currently manufactures more than 50 OTC pharmaceutical and neutriceutical liquids, sprays, gels and powders. The company anticipates continued expansion of its existing line of products. The company is also examining significant opportunities to enter the NDA drug market. As one of a select group of domestic manufacturers of OTC products, Medico's manufacturing capacity allows it to respond quickly to emergent opportunities in the still thriving US marketplace.

Medico's domestic and overseas distribution ability and client base allows the company to react to changing market conditions and survive the up and downs of various markets without significant risk to their overall business.

Pillar Capital was advised by Hahn & Hessen LLP (www.hahnhessen.com) in this transaction.

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