Twilight Litaka clarifies on news regarding land sale

With reference to the news item appearing in a leading financial daily titled "Twilight Litaka lights up on land sale talk", Twilight Litaka Pharma Ltd has clarified the following:

1. At the outset the Company would like to make it clear that the Company is punctual implementing Corporate Governance and all relevant compliances as required by the Exchange, are fulfilled timely. The Company is also particular and ensures that all important developments are informed to the Exchange immediately on its happening which may have direct bearing on the market price of the share.

2. The Company comments following on the news item:

a. Sale of Surplus land of 11 acres.

It is true that Company has 11 acres of land at Vadgaon Maval, Dist. Pune. The manufacturing plant is situated on part of the said land and some part of the land is at present not used by the Company. The Company is having few plans for the utilization of the said vacant plot. No firm decisions have yet been taken on the same. Needless to mention that once a concrete plan is formalized the same would be intimated to the Exchange promptly.

b. Signing of Agreement with Malayasian firm, namely Elken.

It is a fact that the Company has signed an agreement with the India arm of a Malaysian Company engaged in manufacturing of nutraceutical products. On execution of the agreement in this behalf, the said fact has already been informed to the Exchange vide its letter dated May 28, 2007 which has already been put up by the Exchange on its website. Further the Company informed that this fact has also been intimated in response letter dated June 13, 2007.

c. Registration of products in Sri Lanka & Philippines:

The Company is in export business for last more than 10 years. As a part of the export business, Company is required to register its products in various countries in which it intends to exports its goods. Accordingly Company has already registered its products in various countries and this is a continuous process. The Company has already registered its products in Philippines and are in the process of registering in Sri Lanka.

Hope the Company has replied to all the queries raised.

Further the Company informed that till recently the Company was incurring huge losses. Two years ago amalgamation took place between Care Unipac Pvt Ltd, and the Company. Mr. Gopal Ramourti joined the Company as the Managing Director. Due to synergy of operations, of the two Companies, and also because of several important decisions taken by the Managing Director, the Company has made rapid progress and could wipe out the entire loss and in the last financial year earned a net profit of Rs 14.09 crore. In short, Company has turned the corner and as a result the Company has become more active In the market. This would he certainly recognized and noted by the Share Market and hence such news items appearing in the newspaper could be the outcome of the above. However the entire shareholding of the Promoters is under lock-in until 2009 in terms of the approval granted by the Exchange for the merger.

The Company once again assured the Exchange that it will certainly inform of all important developments taking place in the Company. Further once again the Company seek the clarification as to whether the Company is under an obligation to inform the Exchange of any primary discussions till the same is finalized.

Source : Equity Bulls

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