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K-V Pharmaceutical Secures Financing Commitments Establishing Path Forward For Specialty Pharmaceutical Business
Date:11/17/2010

e Commission filings, "if a director of our Company, or a shareholder with an ownership interest of five  percent or more, is excluded from participation in federal or state health care programs, then the Department of Health and Human Services, Office of Inspector General ("HHS OIG") has discretionary authority also to exclude the Company from such participation."  The Company further disclosed in its earlier SEC filings that it had confirmed, through counsel, that Mr. Hermelin had received correspondence from HHS OIG regarding his potential exclusion.  

The Company has been advised that HHS OIG recently notified Mr. Hermelin that he will be excluded effective November 18, 2010. In an effort to avoid adverse consequences to the Company, including a discretionary exclusion of the Company, and to enable the Company to secure its expanded financial agreement with the Lenders, Mr. Hermelin has voluntarily resigned his position on the Company's Board of Directors effective November 10, 2010.  Mr. Hermelin has also resigned as trustee of all family trusts that hold K-V stock and has agreed to divest his personal ownership interests in the company's Class A Common and Class B Common stock (approximately 1.8 million shares) over an agreed upon period of time in accordance with a divestiture plan and schedule approved by HHS OIG as part of a broader and recently executed settlement agreement (the "Settlement Agreement") by and among HHS OIG, Mr. Hermelin, his wife, and the Company.  The Settlement Agreement required Mr. Hermelin to promptly divest himself of all control (i.e., voting) interests in the Company.  

As long as the parties comply with the Settlement Agreement, HHS OIG will not exercise its discretionary authority to exclude the Company from participation in federal health care programs, thereby allowing the Company and its subsidiaries (with the single exception of ETHEX Corporation) to continue to conduct business th
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SOURCE K-V Pharmaceutical Company
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