Saskatoon, Saskatchewan, Canada
April 17, 2007
Philom Bios Inc. reports
that the Court of Appeal of Alberta has rendered its decision in
respect of the Company’s appeal of the DowAgroSciences Canada
Inc. judgment (see prior news releases dated
July 13, 2005 and
July 28, 2005).
The Company is pleased to advise
that the Appeal Court has significantly reduced damages awarded
in the initial court decision. Subject to final determinations,
the Company expects to record a net extraordinary item gain of
approximately $705,000 (net of taxes of $249,000), which
represents additional earnings of $0.20 per share for 2007.
Calvin Sonntag, President/CEO
commented, “We welcome the decision of the Court to bring
certainty to this matter. Yet, as said earlier, neither the
original court judgment nor this beneficial recovery changes our
undiluted focus on serving the needs of our customers.”
Philom Bios is a world leading
Inoculant Company with over 75 employees across North America in
research, manufacturing, marketing and management and in its
joint-venture operations in Australia. Headquartered in
Saskatoon, SK, Philom Bios is a Canadian public company serving
the needs of farmers with high-value inoculants. Philom Bios has
an over 25 year commitment to farmers through a dynamic
partnership with distributors and leading retailers. |
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