Shareholders Oppose ICN Pharmaceutical Nominees

Seek to Unlock ICN Values



Apr 03, 2001, 01:00 ET from Special Situations Partners Inc.

    NEW YORK, April 3 /PRNewswire/ -- The ICN Committee to Maximize
 Shareholder Value submitted last week a three-person slate of director
 nominees in opposition to management's slate at the forthcoming 2001 Annual
 Meeting of ICN Pharmaceuticals, Inc.  The Committee's nominees are General
 Ronald R. Fogleman, former Chief of Staff of the United States Air Force;
 Edward A. Burkhardt, founder and former Chairman and Chief Executive Officer
 of Wisconsin Central Transportation Company; and Steven J. Lee, founder,
 Chairman and Chief Executive Officer of PolyMedica Corporation.
     The Committee is composed of SSP-Special Situations Partners Inc.,
 Providence Capital, Inc. and the three nominees.  The members of the Committee
 together own approximately 3.55 million shares of ICN representing
 approximately 4.5% of ICN's shares.
     In October of 2000, ICN agreed with SSP to hold its 2001 Annual Meeting by
 not later than May 30, 2001 and that at such meeting exactly three directors
 would be elected.
     Eric Knight, Managing Director of SSP, commented, "We are convinced that
 ICN has valuable strategic assets and a bright future -- and yet the ICN
 shares continue to trade at a fraction of what we believe they are worth, no
 matter how we value them.  Over one year has gone by since investment bankers
 were hired in an effort to enhance shareholder value and despite this, we find
 that little or no tangible progress has been made and the shares remain
 chronically undervalued.  Until such time as ICN shareholders actually receive
 their free Ribapharm shares, as ICN keeps promising, we believe the ICN shares
 will continue to be significantly undervalued."  Herbert A. Denton, President
 of Providence Capital, Inc., continued, "The Committee nominees are
 experienced leaders of public companies and are totally independent of Milan
 Panic.  These nominees, who personally own over $6 million of ICN shares, are
 committed to maximizing shareholder value."
 
     Enquiries:
     Eric Knight
     SSP-Special Situations Partners Inc.
     Tel. + (377) 93 10 61 40 / mobile tel. + (41) 79 220 2517
 
     In connection with its solicitation of proxies with respect to ICN
 Pharmaceuticals' 2001 Annual Meeting, the Committee will file with the
 Securities and Exchange Commission (the "SEC") and will furnish to security
 holders of ICN Pharmaceuticals a proxy statement, which security holders are
 advised to read as it will contain important information.  Security holders
 may obtain a free copy of such proxy statement (when available) and any other
 relevant documents filed with the SEC, from the website of the SEC at
 http://www.sec.gov .  Copies of any proxy soliciting materials filed by the
 Committee with the SEC may also be obtained for free from SSP's website at
 http://www.SSP-specialsituationspartners.com .
     The Committee, SSP -- Special Situations Partners Inc., Providence
 Capital, Inc., Edward A. Burkhardt, General Ronald R. Fogleman and Steven J.
 Lee will be (and certain of the executive officers and directors of SSP and
 Providence may be) participants in the solicitation by the Committee of
 proxies with respect to ICN Pharmaceuticals' 2001 Annual Meeting.  None of
 such persons has any direct or indirect interests in the matters to be acted
 upon at the 2001 Annual Meeting other than as a stockholder or a nominee for
 election as a director of ICN Pharmaceuticals.  Further information concerning
 the participants and their direct or indirect interests can be found in the
 Schedule 14A filed pursuant to Rule 14a-12 with the SEC by the
 Committee on April 4, 2001.
 
 

SOURCE Special Situations Partners Inc.
    NEW YORK, April 3 /PRNewswire/ -- The ICN Committee to Maximize
 Shareholder Value submitted last week a three-person slate of director
 nominees in opposition to management's slate at the forthcoming 2001 Annual
 Meeting of ICN Pharmaceuticals, Inc.  The Committee's nominees are General
 Ronald R. Fogleman, former Chief of Staff of the United States Air Force;
 Edward A. Burkhardt, founder and former Chairman and Chief Executive Officer
 of Wisconsin Central Transportation Company; and Steven J. Lee, founder,
 Chairman and Chief Executive Officer of PolyMedica Corporation.
     The Committee is composed of SSP-Special Situations Partners Inc.,
 Providence Capital, Inc. and the three nominees.  The members of the Committee
 together own approximately 3.55 million shares of ICN representing
 approximately 4.5% of ICN's shares.
     In October of 2000, ICN agreed with SSP to hold its 2001 Annual Meeting by
 not later than May 30, 2001 and that at such meeting exactly three directors
 would be elected.
     Eric Knight, Managing Director of SSP, commented, "We are convinced that
 ICN has valuable strategic assets and a bright future -- and yet the ICN
 shares continue to trade at a fraction of what we believe they are worth, no
 matter how we value them.  Over one year has gone by since investment bankers
 were hired in an effort to enhance shareholder value and despite this, we find
 that little or no tangible progress has been made and the shares remain
 chronically undervalued.  Until such time as ICN shareholders actually receive
 their free Ribapharm shares, as ICN keeps promising, we believe the ICN shares
 will continue to be significantly undervalued."  Herbert A. Denton, President
 of Providence Capital, Inc., continued, "The Committee nominees are
 experienced leaders of public companies and are totally independent of Milan
 Panic.  These nominees, who personally own over $6 million of ICN shares, are
 committed to maximizing shareholder value."
 
     Enquiries:
     Eric Knight
     SSP-Special Situations Partners Inc.
     Tel. + (377) 93 10 61 40 / mobile tel. + (41) 79 220 2517
 
     In connection with its solicitation of proxies with respect to ICN
 Pharmaceuticals' 2001 Annual Meeting, the Committee will file with the
 Securities and Exchange Commission (the "SEC") and will furnish to security
 holders of ICN Pharmaceuticals a proxy statement, which security holders are
 advised to read as it will contain important information.  Security holders
 may obtain a free copy of such proxy statement (when available) and any other
 relevant documents filed with the SEC, from the website of the SEC at
 http://www.sec.gov .  Copies of any proxy soliciting materials filed by the
 Committee with the SEC may also be obtained for free from SSP's website at
 http://www.SSP-specialsituationspartners.com .
     The Committee, SSP -- Special Situations Partners Inc., Providence
 Capital, Inc., Edward A. Burkhardt, General Ronald R. Fogleman and Steven J.
 Lee will be (and certain of the executive officers and directors of SSP and
 Providence may be) participants in the solicitation by the Committee of
 proxies with respect to ICN Pharmaceuticals' 2001 Annual Meeting.  None of
 such persons has any direct or indirect interests in the matters to be acted
 upon at the 2001 Annual Meeting other than as a stockholder or a nominee for
 election as a director of ICN Pharmaceuticals.  Further information concerning
 the participants and their direct or indirect interests can be found in the
 Schedule 14A filed pursuant to Rule 14a-12 with the SEC by the
 Committee on April 4, 2001.
 
 SOURCE  Special Situations Partners Inc.