HALTOM CITY, Texas, March 28, 2002 (PRIMEZONE) -- PharmChem Inc. (Nasdaq:PCHM) today announced that it had completed the sale of Medscreen, Ltd., its London-based wholly owned subsidiary for approximately $9.9 million. The proceeds will be used to pay down debt and for general corporate purposes. The transaction will be recorded in the first quarter of 2002.
Because of the management time required to negotiate and close the aforementioned sale, the Company has filed an automatic 15-day extension with the Securities and Exchange Commission to submit its Annual Report on Form 10-K. The Company expects to announce its fiscal year 2001 results on or about April 12, 2002.
PharmChem is a leader in the field of providing services to clients seeking to detect and deter the use of illegal drugs. PharmChem operates a forensic drug-testing laboratory in Haltom City, Texas.