Physicians Formula Updates Timing of Its Expected Acquisition by Markwins
November 09 2012 - 6:00AM
Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians
Formula") announced today that it has been informed by Markwins
International Corporation ("Markwins") that Markwins will not close
the acquisition of Physicians Formula on or before November 13,
2012 as previously announced, but that Markwins intends to close
the acquisition by mid-December 2012. Physicians Formula is
evaluating its rights and remedies in light of this development.
As previously announced, Physicians Formula entered into an
agreement and plan of merger dated September 26, 2012 with Markwins
and Markwins Merger Sub, Inc. At a special meeting of stockholders
of Physicians Formula held on November 8, 2012, the stockholders of
Physicians Formula approved the acquisition of Physicians Formula
by Markwins contemplated by the merger agreement.
About Physicians Formula Holdings, Inc.
Physicians Formula is an innovative cosmetics and skin care
company operating in the mass market prestige, or "masstige,"
market. Under our Physicians Formula brand name, created in 1937,
we develop, market and distribute innovative, premium-priced
products for the mass market channel. We differentiate our company
by addressing skin imperfections through a problem-solving
approach, rather than focusing on changing fashion trends.
Currently, our products are sold in over 25,000 stores including
those operated by Wal-Mart, Target, CVS and Rite Aid.
Forward-Looking Statements
This release may include predictions, estimates and other
information that might be considered forward-looking statements,
including, without limitation, statements relating to the
completion of the merger. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially from those
anticipated as a result of various factors. If the merger is
consummated, our stockholders will cease to have any equity
interest in our company and will have no right to participate in
its earnings and future growth. Additional factors that may affect
the future results of our company are set forth in our filings with
the SEC, including our Annual Report on Form 10-K for the year
ended December 31, 2011, as amended on Form 10-K/A filed with the
SEC on April 25, 2012, available at www.physiciansformula.com and
the SEC's website at www.sec.gov. You are urged to consider these
factors carefully in evaluating the forward-looking statements in
this release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by
law, we expressly disclaim any obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Media Contacts:
For Physicians Formula Holdings, Inc.:
Anne Rakunas
ICR, Inc.
(310) 954-1113
Anne.Rakunas@icrinc.com
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