Scrip For Scrip Rollover Relief Under Redomiciliation Confirmed by Australian Taxation Office

LEWISBERRY, Pa., March 9 /PRNewswire-FirstCall/ -- Unilife Corporation ("Unilife" or "Company") (Nasdaq: UNIS; ASX: UNS) is pleased to advise shareholders that the Australian Taxation Office (ATO) has now issued Class Ruling CR 2010/6 (Class Ruling) in connection with the redomiciliation of the Unilife group in the United States.

Under the Class Ruling, the ATO has provided confirmation that Australian security holders of Unilife Medical Solutions Limited (UMSL) (as described in the Class Ruling) will be eligible for scrip for scrip capital gains tax roll-over relief with respect to the exchange of their shares and standalone options in UMSL for replacement securities in the Company as part of the redomiciliation. This ruling is consistent with the Company's request to the ATO and also the expectations as described in the Information Memorandum that was sent to all security holders for the Scheme Meetings.

A copy of the Class Ruling is available on Unilife's website (http://ir.unilife.com/tax.cfm) and from the ATO (http://law.ato.gov.au/atolaw/search.htm).

Further details of the tax implications arising in relation to the exchange of shares and options in UMSL for equivalent securities in Unilife are set out in section 9 of the Information Memorandum which was prepared in connection with the redomiciliation.  A copy of the Information Memorandum is available on Unilife's website at http://ir.unilife.com/tax.cfm.

Security holders should seek their own independent tax advice having regard to their individual circumstances prior to relying on the tax information contained in the Class Ruling and Information Memorandum.

About Unilife Corporation

Unilife Corporation is a U.S.-based medical device company focused on the design, development, manufacture and supply of a proprietary range of retractable syringes. Primary target customers for Unilife products include pharmaceutical manufacturers, suppliers of medical equipment to healthcare facilities and patients who self-administer prescription medication. These patent-protected syringes incorporate automatic and fully-integrated safety features which are designed to protect those at risk of needlestick injuries and unsafe injection practices. Unilife is ISO 13485 certified and has FDA-registered medical device manufacturing facilities in Pennsylvania.

This press release contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our registration statement on Form 10 and those described from time to time in other reports which we file with the Securities and Exchange Commission.

General: UNIS-G

SOURCE Unilife Corporation

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