PharmChem, Inc. the leading provider of sweat patches to detect drugs of abuse, today announced that the Company's Board of Directors has decided to explore strategic alternatives.

The Company has not retained a financial advisor at this time based on its belief that the Board's experience and expertise can guide the company through the process. The Company will consider various options, including acquisitions, potential sale of the Company, merger, or a debt financed special dividend. The Company has set up a data room for interested parties.

The Board believes the Company and its products are well positioned in the industry and that the Company would be more valuable as part of a larger company than as a stand-alone entity, and also be better able to serve its customers.

There can be no assurance that the review being undertaken will result in a merger, tender offer, sale or other business combination involving the Company, or a special dividend. There is no deadline or definitive timetable set for completion of the strategic alternatives review process and there can be no assurance that this process will result in the Company pursuing a transaction or any other strategic outcome.

The Company does not intend to make further announcements regarding the review unless and until the Board has approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required by law or otherwise deemed appropriate. PharmChem, Inc. headquartered in Fort Worth, TX, is the manufacturer and sole source provider of the PharmChek® Drugs of Abuse Sweat Patch.

Source: prnewswire.com

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