BURNABY, BC, March 10 /CNW/ - Welichem Biotech Inc. ("Welichem" or the "Company") (TSX-V: WBI) announces that the Company will hold a special general meeting of shareholders (the "Special Meeting") on Monday, April 6, 2009. The Company intends to ask its shareholders at the Special Meeting to consider and pass a special resolution to consolidate all of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. The name of the Company will not be changed in conjunction with the proposed share consolidation.

The proposed share consolidation requires the affirmative votes of not less than two-thirds (2/3) of the common shares of the Company cast at the Special Meeting of the Shareholders in person or by proxy. If the special resolution approving the proposed share consolidation is passed by the shareholders of the Company, the board of directors of the Company will have sole discretion to determine whether or not and when to implement the proposed share consolidation within six (6) months of the date of the special resolution. Implementation of the proposed share consolidation is also subject to the acceptance of the TSX Venture Exchange.

The Company currently has 173,362,992 issued and outstanding common shares. If the proposed share consolidation is implemented, the Company would have approximately 17,336,299 issued and outstanding common shares. The exact number of post-consolidation common shares will vary depending on the treatment of fractional shares. Any fractional share resulting from the proposed share consolidation will be rounded up to the next whole share if such fractional share is equal to or greater than one-half (1/2) of a share and rounded down to the next whole share if such fractional share is less than one-half (1/2) of a share. No fractional shares will be issued.

The board of directors of the Company believes that the proposed share consolidation will place the Company in a better position for future corporate activities, including potential acquisitions and financings.

About Welichem Biotech Inc.

Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of autoimmune diseases and cancer. For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.welichem.com.

ON BEHALF OF THE BOARD
"Tan Xiangdong"
Tan Xiangdong, Chairman of the Board
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.

This press release contains forward-looking statements that include our belief as to the effects of the proposed share consolidation. Certain risks and uncertainties such as our ability to successfully complete the share consolidation could cause the Company's actual results to differ materially from those in the forward-looking statements.

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