Huntingdon Announces Long Term Refinancing

Business Wire, Jan 22, 2001

Business Editors

HUNTINGDON, England--(BUSINESS WIRE)--Jan. 22, 2001

Huntingdon Life Sciences Group Plc announced that it has secured a refinancing of its existing bank facility until June 30, 2006. The Company announced that Royal Bank of Scotland will no longer be part of the bank syndicate and that this long term financing has come from foreign investors.

In addition, the Company announced that it has received a commitment for an additional Working Capital Facility from foreign investors sufficient to meet its working capital requirements.

Andrew Baker, Huntingdon's Executive Chairman, said: "We are pleased to put to rest the question of our Company's financial viability. Agreement has been reached with our foreign investors to provide additional working capital availability sufficient for the company's needs. The company is now confident of its financial stability and prospects for growth.

Mr. Baker added, "We would like to express our appreciation for the support of all who helped us reach the satisfactory outcome, and we have been touched by the many letters of support from the public and the support of MPs and the British media."

Brian Cass, Huntingdon's Managing Director, said, "It gives us great satisfaction to see that the British public recognises the important scientific work that we do here at Huntingdon. My colleagues and I would like to thank all of our friends who have stood up against the extremists to defend the importance of our work to the health and safety of everyone who relies on the benefits of new and existing medicines."

Huntingdon Life Sciences Group plc is one of the world's leading Contract Research Organisations providing product development services to the pharmaceutical, agrochemical and biotechnology industries. Huntingdon brings leading technology and capability to support its clients in non-clinical safety testing of new compounds in early stage development and assessment. Huntingdon operates research facilities in the United Kingdom (Huntingdon and Eye, England) and the United States (The Princeton Research Centre, New Jersey).

This announcement contains statements that may be forward-looking as defined by the USA's Private Litigation Reform Act of 1995. These statements are based largely on Huntingdon's expectations and are subject to a number of risks and uncertainties, certain of which are beyond Huntingdon's control, as more fully described in Huntingdon's Form 10-K for the year ended December 31, 1999, as filed with the US Securities and Exchange Commission.