Exhibit 99.1
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CONTACT:
David K. Waldman/John W. Heilshorn The Quigley Corporation
Lippert Heilshorn & Associates Carl Fonash
(212) 838-3777 Shareholder Relations
DWALDMAN@LHAI.COM (267) 880-1111
QUIGLEY COMPLETES PURCHASE OF MANUFACTURING ASSETS OF JOEL
DOYLESTOWN, PA. - OCTOBER 5, 2004 - THE QUIGLEY CORPORATION (NASDAQ: QGLY) has
completed the asset purchase with JOEL, Inc., as announced on August 20, 2004,
for approximately $5.1 million, which includes $4.1 million in cash and $1.0
million of the Company's stock. The transfer of assets includes inventory, as
well as land, buildings, machinery and equipment of two manufacturing
facilities, located in Lebanon and Elizabethtown, Pennsylvania.
The Company funded the acquisition through its current working capital of $1.1
million and financed $3.0 million of the cash requirement through a 7-year term
loan with PNC Bank, N.A., a Pennsylvania commercial bank.
JOEL, Inc. has been the exclusive manufacturer of the Company's ColdEEZE(R)
Lozenge since its launch in 1995.
The Quigley Corporation (Nasdaq: QGLY, http://www.Quigleyco.com) is a leading
developer and marketer of diversified health products including the COLD-EEZE(R)
family of patented zinc gluconate glycine (ZIGG(TM)) lozenges and sugar free
tablets. COLD-EEZE is the only (ZIGG) lozenge proven in two double-blind studies
to reduce the duration of the common cold from 7.6 to 4.4 days or by 42%. In
addition to Over-The-Counter (OTC) products, the Company has formed Quigley
Pharma Inc. (http://www.QuigleyPharma.com), a wholly owned ethical
pharmaceutical subsidiary, to introduce a line of naturally-derived patented
prescription drugs. The Quigley Corporation's customers include leading national
wholesalers and distributors, as well as independent and chain food, drug and
mass merchandise stores and pharmacies. The Quigley Corporation makes no
representation that the U.S. Food and Drug Administration or any other
regulatory agency will grant an IND or take any other action to allow the
aforementioned products to be studied or marketed. Furthermore, no claim is made
that the potential medicine discussed here is safe, effective, or approved by
the Food and Drug Administration.
Certain statements in this press release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and involve
known and unknown risk, uncertainties and other factors that may cause the
company's actual performance or achievements to be materially different from the
results, performance or achievements expressed or implied by the forward-looking
statement. Factors that impact such forward-looking statements include, among
others, changes in worldwide general economic conditions, changes in interest
rates, government regulations, and worldwide competition.
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