Chelsea Acquisition Corporation announced that the shareholders of Chelsea have approved the previously announced proposed qualifying transaction of Chelsea involving the amalgamation of Chelsea and Pediapharm Inc. Pursuant to the amalgamation, a new entity was formed on December 10, 2013 under the Canada Business Corporations Act called 'Pediapharm Inc.' ('Amalco'). The incoming board of directors of Amalco (the 'Board') is comprised of Mr. Sylvain Chrétien, Mr. Pierre Lapalme, Mr. Angelo Botter, Mr. Pierre Désormeau, Mr. Normand Chartrand and Mr. Douglas M. Stuve.

In addition, the following individuals have been appointed as the management of Amalco, Mr. Sylvain Chrétien as President and Chief Executive Officer, Mr. Roland Boivin as Chief Financial Officer, Mr. Benoît Hébert as Vice-President, Business Development and Licensing, Mr. Ashok Bhaseen as Vice-President, Marketing and Sales, Mr. Pierre Lapalme as Chairman of the Board and Mr. Normand Chartrand as Corporate Secretary.