SPPH Spencer Pharmaceutical Inc (CE)

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) provided its shareholder with supplemental information on the $0.97 per share buyout offer.

According to ongoing negotiations, the offering party has stipulated that the Buyout was for 100% of the shares and that upon an agreed timeline that the shares will be required to be tendered by all shareholders. They have also stated that they reserved the right to acquire shares in the open market prior to the closing of the transaction. They have assured that they would place the funds into escrow and a mutual timeline was to be established. The objective of the offering party is to take the company private as at the close of the transaction. The company expects to receive the approval by the offering party to release their name and contact information on or before November 25, 2010.

"We are moving in the right step to assure a transaction is concluded for our shareholders," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "We understand that there is a lot of scientism with the planned transaction because of the confidentiality of the buyer and we can only assure our shareholders that we are working diligently and in good faith. The offering party is not an American company and the cultural differences and language sometimes require more attention," further added Dr. Arella.

About Spencer Pharmaceutical Inc.

Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.

Important Information About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.

Contact: Dr. Max Arella President Spencer Pharmaceutical Inc. Tel. 1+(617) 973-5017