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<SEC-DOCUMENT>0001295345-05-000033.txt : 20050920
<SEC-HEADER>0001295345-05-000033.hdr.sgml : 20050920
<ACCEPTANCE-DATETIME>20050920162234
ACCESSION NUMBER:		0001295345-05-000033
CONFORMED SUBMISSION TYPE:	DEF 14C
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050920
FILED AS OF DATE:		20050920
DATE AS OF CHANGE:		20050920
EFFECTIVENESS DATE:		20050920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHEFFIELD PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12584
		FILM NUMBER:		051093784

	BUSINESS ADDRESS:	
		STREET 1:		1220 GLENMORE DRIVE
		CITY:			APOPKA
		STATE:			FL
		ZIP:			32712
		BUSINESS PHONE:		407-880-2213

	MAIL ADDRESS:	
		STREET 1:		1220 GLENMORE DRIVE
		CITY:			APOPKA
		STATE:			FL
		ZIP:			32712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19940606
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14C
<SEQUENCE>1
<FILENAME>def14c.htm
<DESCRIPTION>DEFINITIVE INFORMATION STATEMENT SCHEDULE 14C
<TEXT>
<html>

<head>
<title>SFFP</title>
</head>

<body>
<div><b><font SIZE="3">

<hr SIZE="4" NOSHADE COLOR="#000000">

<hr SIZE="2" NOSHADE COLOR="#000000">

<p ALIGN="CENTER"></font><font size="4">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p ALIGN="CENTER"><font SIZE="3"><b>Washington, D.C. 20549</b></font></p>

<p ALIGN="CENTER">&nbsp;</p>
<b>

<p ALIGN="CENTER">SCHEDULE 14C INFORMATION</p>

<p ALIGN="CENTER">Information Statement Pursuant to Section 14(c) of the Securities
Exchange Act of 1934</p>

<p>&nbsp;</p>
</b>

<p><font size="2">Check the appropriate box:<br>
</font><font size="2" FACE="WINGDINGS">&#168</font><font size="2">Preliminary Information
Statement<br>
<font FACE="WINGDINGS">&#168</font> Confidential, for Use of the Commission Only (as
permitted by Rule 14c-5(d)(2))<br>
</font><font size="2" FACE="WINGDINGS">&#120</font><font size="2">Definitive Information
Statement</font></p>

<p ALIGN="CENTER"><b><font SIZE="3">SHEFFIELD PHARMACEUTICALS, INC.<br>
</font></b><font size="1">(Name of Registrant as Specified In Its Charter)</font></p>

<p>&nbsp;</p>

<p><font size="2">Payment of Filing Fee (Check the appropriate box):<br>
</font><font size="2" FACE="WINGDINGS">&#120</font><font size="2"> No fee required.<br>
<font FACE="WINGDINGS">&#168</font> Fee computed on table below per Exchange Act Rules
14c-5(g) and 0-11.</font></p>

<p><font size="2">1) Title of each class of securities to which transaction applies: <br>
2) Aggregate number of securities to which transaction applies: <br>
3) Per unit price or other underlying value of transaction computed pursuant to Exchange
Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it
was determined): <br>
4) Proposed maximum aggregate value of transaction: <br>
5) Total fee paid: </font></p>

<p><font size="2"><font FACE="WINGDINGS">&#168</font> Fee paid previously with preliminary
materials.<br>
<font FACE="WINGDINGS">&#168</font> Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</font></p>

<p><font size="2">1) Amount Previously Paid: <br>
2) Form, Schedule or Registration Statement No.: <br>
3) Filing Party: Sheffield Pharmaceuticals, Inc.<br>
4) Date Filed: September 8, 2005</font></p>

<hr SIZE="2" NOSHADE COLOR="#000000">

<hr SIZE="4" NOSHADE COLOR="#000000">
</div>

<p><br clear="all" style="page-break-before:always; mso-break-type:section-break">
</p>
<div><b>

<p ALIGN="CENTER"><font size="2">INFORMATION STATEMENT<br>
OF<br>
SHEFFIELD PHARMACEUTICALS, INC.<br>
1220 GLENMORE DRIVE<br>
APOPKA, FLORIDA 32712<br>
TELEPHONE (407) 880-2213</font></p>

<p ALIGN="CENTER"><font size="2">We Are Not Asking You For A Proxy And You Are Requested
Not To Send Us A Proxy.</font></p>
</b>

<p><font size="2">This Information Statement is first being furnished on or about
September 20, 2005 to the holders of record as of the close of business on September 20,
2005 of the common stock of Sheffield Pharmaceutical, Inc. (&quot;Sheffield&quot;).</font></p>

<p><font size="2">Sheffield&#146;s Board of Directors has approved, and a stockholder
owning 70,000,000 shares of the 99,563,712 shares of Sheffield&#146;s common stock (the
&quot;Common Stock&quot;) outstanding as of September 20, 2005, have consented in writing
to the action described below. Such approval and consent constitute the approval and
consent of a majority of the total number of shares of outstanding Common Stock and are
sufficient under Title 8, Subchapter VII, Section 228 of the Delaware General Corporation
Laws and Sheffield&#146;s By-Laws to approve the action. Accordingly, the action will not
be submitted to the other stockholders of Sheffield for a vote, and this Information
Statement is being furnished to stockholders to provide them with certain information
concerning the action in accordance with the requirements of the Securities Exchange Act
of 1934 and the regulations promulgated thereunder, including Regulation 14C, and Section
228 of the Delaware General Corporation Laws..</font></p>
<b>

<p ALIGN="CENTER"><font size="2">ACTION BY BOARD OF DIRECTORS<br>
AND<br>
CONSENTING STOCKHOLDERS</font></p>

<p><font size="2">GENERAL</font></p>
</b>

<p><font size="2">Sheffield will pay all costs associated with the distribution of this
Information Statement, including the costs of printing and mailing. Sheffield will
reimburse brokerage firms and other custodians, nominees and fiduciaries for reasonable
expenses incurred by them in sending this Information Statement to the beneficial owners
of Sheffield&#146;s common stock.</font></p>

<p><font size="2">Sheffield will only deliver one Information Statement to multiple
security holders sharing an address unless Sheffield has received contrary instructions
from one or more of the security holders. Upon written or oral request, Sheffield will
promptly deliver a separate copy of this Information Statement and any future annual
reports and information statements to any security holder at a shared address to which a
single copy of this Information Statement was delivered, or deliver a single copy of this
Information Statement and any future annual reports and information statements to any
security holder or holders sharing an address to which multiple copies are now delivered.
You should direct any such requests to the following address:</font></p>
<b>

<p align="center"><font size="2">SHEFFIELD PHARMACEUTICALS, INC.<br>
1220 GLENMORE DRIVE<br>
APOPKA, FLORIDA 32712<br>
TELEPHONE (407) 880-2213<br>
Attn: Michael F. Manion</font></b></p>
<b>

<p><font size="2">INFORMATION ON CONSENTING STOCKHOLDERS</font></p>
</b>

<p><font size="2">Pursuant to Sheffield&#146;s Bylaws and the Delaware General Corporation
Laws, a vote by the holders of at least a majority of Sheffield&#146;s outstanding capital
stock is required to effect the action described herein. Sheffield&#146;s Articles of
Incorporation does not authorize cumulative voting. As of the record date, Sheffield had
99,563,712 voting shares of Common Stock issued and outstanding of which 49,781,856 shares
are required to pass any stockholder resolutions. The consenting stockholder is the record
and beneficial owner of 70,000,000 shares of Sheffield&#146;s Common Stock as of August
30, 2005, which represents 70.3% of the issued and outstanding shares of Sheffield&#146;s
Common Stock. Pursuant to Section 228 of the Delaware General Corporation Laws, the
consenting stockholder voted in favor of the actions described herein in a joint written
consent, dated August 30, 2005, attached hereto as Exhibit&nbsp;A. No consideration was
paid for the consent. The consenting stockholder&#146;s name, affiliations with Sheffield,
and his beneficial holdings are as follows: </font></p>
<div align="center"><center>

<table BORDER="0" CELLSPACING="0" WIDTH="100%" height="27" cellpadding="0">
  <tr>
    <td WIDTH="16%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF" height="15"><font size="1"><b>Name</b></font></td>
    <td WIDTH="46%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF" height="15"><p ALIGN="CENTER"><font size="1"><b>Affiliation</b></font></td>
    <td WIDTH="21%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF" height="15"><p ALIGN="CENTER"><font size="1"><b>Shares&nbsp;Beneficially&nbsp;Held</b></font></td>
    <td WIDTH="11%" VALIGN="bottom"
    style="border-left: 1px solid rgb(0,0,0); border-right: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF" height="15"><p ALIGN="CENTER"><font size="1"><b>Percentage</b></font></td>
  </tr>
  <tr>
    <td WIDTH="16%" VALIGN="TOP"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="17"><font
    size="2">Michael F. Manion</font></td>
    <td WIDTH="46%" VALIGN="TOP"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="17"><p
    align="center"><font size="2">Chief Executive Officer, CFO and Chairman</font></td>
    <td WIDTH="21%" VALIGN="TOP"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="17"><p
    ALIGN="center"><font size="2">70,000,000</font></td>
    <td WIDTH="11%" VALIGN="top"
    style="border-left: 1px solid rgb(0,0,0); border-right: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    height="17"><p ALIGN="CENTER"><font size="2">70.3%</font></td>
  </tr>
  <tr>
    <td WIDTH="16%" VALIGN="top"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"
    height="1"><font size="2">Total</font></td>
    <td WIDTH="46%" VALIGN="top"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"
    height="1"><font size="2">&nbsp; </font></td>
    <td WIDTH="21%" VALIGN="top"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"
    height="1"><p ALIGN="center"><font size="2">70,000,000</font></td>
    <td WIDTH="11%" VALIGN="top" style="border: 1px solid rgb(0,0,0)" height="1"><p
    ALIGN="CENTER"><font size="2">70.3%</font></td>
  </tr>
</table>
</center></div><b>

<p><font size="2">INTEREST OF CERTAIN PERSONS IN OR OPPOSITION TO MATTERS TO BE ACTED UPON</font></p>
</b>

<p><font size="2">None</font></p>
<b>

<p><font size="2">PROPOSALS BY SECURITY HOLDERS</font></p>
</b>

<p><font size="2">None</font></p>
<b>

<p><font size="2">DISSENTERS&#146; RIGHT OF APPRAISAL</font></p>
</b>

<p><font size="2">None</font></p>
<b>

<p><font size="2">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></p>
</b>

<p><font size="2">The following table sets forth, as of August 30, 2005, certain
information regarding the ownership of Sheffield&#146;s capital stock by each director and
executive officer of Sheffield, each person who is known to Sheffield to be a beneficial
owner of more than 5% of any class of Sheffield&#146;s voting stock, and by all officers
and directors of Sheffield as a group. Unless otherwise indicated below, to
Sheffield&#146;s knowledge, all persons listed below have sole voting and investing power
with respect to their shares of capital stock, except to the extent authority is shared by
spouses under applicable community property laws.</font></p>

<p><font size="2">Beneficial ownership is determined in accordance with the rules of the
Securities and Exchange Commission and generally includes voting or investment power with
respect to securities. Shares of all classes of Sheffield common stock subject to options,
warrants or convertible securities exercisable or convertible within 60 days of August 30,
2005 are deemed outstanding for computing the percentage of the person or entity holding
such options, warrants or convertible securities but are not deemed outstanding for
computing the percentage of any other person, and is based on 99,563,712 shares of the
Common Stock issued and outstanding on a fully diluted basis, as of August 30, 2005.</font></p>
<div align="center"><center>

<table BORDER="0" CELLSPACING="0" WIDTH="100%" height="54" cellpadding="0">
  <tr>
    <td WIDTH="12%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="0"
    bgcolor="#00FFFF"><p ALIGN="left"><font size="1"><b>Title&nbsp;of&nbsp;Class</b></font></td>
    <td WIDTH="40%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="0"
    bgcolor="#00FFFF"><p ALIGN="CENTER"><font size="1"><b>Name&nbsp;and&nbsp;Address
    Of&nbsp;Beneficial&nbsp;Owners&nbsp;(1)</b></font></td>
    <td WIDTH="29%" VALIGN="BOTTOM"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)" height="0"
    bgcolor="#00FFFF"><p ALIGN="CENTER"><font size="1"><b>Amount&nbsp;and&nbsp;Nature
    Of&nbsp;Beneficial&nbsp;Ownership</b></font></td>
    <td WIDTH="13%" VALIGN="bottom"
    style="border-left: 1px solid rgb(0,0,0); border-right: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    height="0" bgcolor="#00FFFF"><p ALIGN="CENTER"><font size="1"><b>Percent Of&nbsp;Class</b></font></td>
  </tr>
  <tr>
    <td WIDTH="12%" VALIGN="top" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="left"><font size="2">Common&nbsp;Stock</font></td>
    <td WIDTH="40%" VALIGN="top" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><font
    size="2">Michael F. Manion (2)</font></td>
    <td WIDTH="29%" VALIGN="top" height="1" align="center"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="center"><font size="2">70,000,000</font></td>
    <td WIDTH="13%" VALIGN="top" height="1" style="border: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">70.3%</font></td>
  </tr>
  <tr>
    <td WIDTH="94%" VALIGN="TOP" height="21" colspan="4"><p ALIGN="left"><font size="1">(1)
    Unless otherwise noted, the address for the named beneficial owner, director and officer
    is as follows: c/o Sheffield Pharmaceuticals, Inc., 1220 Glenmore Drive, Apopka, Florida
    32712.<br>
    (2) Michael F. Manion is the President, Chief Executive Officer, and Chairman of
    Sheffield. He personally owns 70,000,000 shares Sheffield&#146;s common stock. </font></td>
  </tr>
</table>
</center></div><b>

<p><font size="2">CHANGE IN CONTROL</font></p>
</b>

<p><font size="2">None. </font></p>
<b>

<p><font size="2">NOTICE TO STOCKHOLDERS OF ACTION APPROVED BY CONSENTING STOCKHOLDERS</font></p>
</b>

<p><font size="2">The following action was taken based upon the unanimous recommendation
of Sheffield&#146;s Board of Directors (the &quot;Board&quot;) and the written consent of
the consenting stockholders as set forth in Exhibit A:</font></p>
<b>

<p ALIGN="CENTER"><font size="2">ACTION I<br>
REVERSE STOCK SPLIT</font></p>

<p><font size="2">MATERIAL TERMS OF THE REVERSE SPLIT</font></p>
</b>

<p><font size="2">The Board has unanimously adopted and the consenting stockholder has
approved a resolution, attached as Exhibit A hereto, to effect a one-for-two hundred fifty
(1:250) reverse stock split of the Common Stock of Sheffield (the &quot;Reverse
Split&quot;). The resulting share ownership interest including resulting fractional shares
for each individual shareholder shall be rounded up to the third whole integer in such a
manner that every shareholder shall own at least 100 shares as a result of the Reverse
Split. The Board and the consenting stockholder believe that the Reverse Split is in
Sheffield's best interests, principally because it will enable Sheffield to issue
additional shares in connection with a reverse merger or other business-combination
transaction related to its ongoing efforts to acquire an operating business.</font></p>

<p><font size="2">The immediate effect of the Reverse Split will be to reduce the total
number of shares of Sheffield common stock from approximately 99,563,712 shares to
approximately 400,000 shares issued and outstanding. </font></p>

<p><font size="2">The Reverse Split will affect all of the holders of Sheffield's common
stock uniformly and will not materially affect any stockholder's percentage ownership
interest in Sheffield or proportionate voting power, except for insignificant changes that
will result from the rounding of fractional shares.</font></p>

<p><font size="2">The Reverse Split is expected to become effective on or about September
30, 2005 (the &quot;Effective Date&quot;) for shareholders of record on September 20,
2005. The Reverse Split will take place on the Effective Date without any action on the
part of the holders of Sheffield's common stock and without regard to current certificates
representing shares of any class of Sheffield common stock being physically surrendered
for certificates representing the number of shares of Sheffield common stock each
stockholder is entitled to receive as a result of the Reverse Split. New certificates of
Sheffield common stock will be issued.</font></p>

<p><font face="Times New Roman" size="2">No fractional shares will be issued in connection
with the Reverse Split. Any fractional share will be rounded up to the third whole integer
in such a manner that every shareholder shall own at least 100 shares as a result of the
Reverse Split.</font></p>

<p><font face="Times New Roman" size="2">A resolution and consent granting the authority
to effect a one-for-two hundred fifty reverse stock split of the Common Stock of Sheffield
is attached hereto as Exhibit A.</font></p>

<p><b><font size="2">CERTAIN FEDERAL INCOME TAX CONSEQUENCES</font></b></p>

<p><font size="2">The following summary of certain material federal income tax
consequences of the Reverse Split does not purport to be a complete discussion of all of
the possible federal income tax consequences and is included for general information only.
Further, it does not address any state, local, foreign or other income tax consequences,
nor does it address the tax consequences to stockholders that are subject to special tax
rules, such as banks, insurance companies, regulated investment companies, personal
holding companies, foreign entities, non-resident alien individuals, broker-dealers and
tax-exempt entities. The discussion is based on the United States federal income tax laws
as of the date of this Information Statement. Such laws are subject to change
retroactively as well as prospectively. This summary also assumes that the shares of
Common Stock are held as &quot;capital assets,&quot; as defined in the Internal Revenue
Code of 1986, as amended. The tax treatment of a stockholder may vary depending on the
facts and circumstances of such stockholder.</font></p>
<b>

<p><font size="2">EACH STOCKHOLDER IS URGED TO CONSULT WITH SUCH STOCKHOLDER'S TAX ADVISOR
WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES OF THE REVERSE SPLIT.</font></p>
</b>

<p><font size="2">No gain or loss should be recognized by a stockholder as a result of the
Reverse Split; provided, however, any whole shares received in lieu of fractional shares
may result in a taxable gain or loss. The aggregate tax basis of the shares received in
the Reverse Split will be the same as the stockholder's aggregate tax basis in the shares
exchanged. The stockholder's holding period for the shares received in the Reverse Split
will include the period during which the stockholder held the shares surrendered as a
result of the Reverse Split. Sheffield's views regarding the tax consequences of the
Reverse Split are not binding upon the Internal Revenue Service or the courts, and there
is no assurance that the Internal Revenue Service or the courts would accept the positions
expressed above. The state and local tax consequences of the Reverse Split may vary
significantly as to each stockholder, depending on the state in which such stockholder
resides.</font></p>
<b>

<p ALIGN="CENTER"><font size="2">ACTION II<br>
AUTHORITY TO ENTER INTO A REVERSE MERGER TRANSACTION</font></p>
</b>

<p><font size="2">The Board has unanimously adopted and the consenting stockholder has
approved a resolution, attached as Exhibit A hereto, to authorize the Board of Directors
to enter into a reverse merger or other business-combination transaction involving
Sheffield. Sheffield has not yet entered into any letter of intent nor has it entered into
any definitive agreement relating to a business combination. </font></p>

<p><font size="2">Because Sheffield has no operating business, the future success of the
Corporation depends upon our ability to successfully find a suitable business and
negotiate satisfactory terms and condition of any business combination agreement. By
adopting this resolution, the Board of Directors believes that the Corporation will have
added flexibility to enter into a reverse merger or other business-combination
transaction, because it will reduce the time necessary to complete such a transaction.
Because the laws of the State of Delaware allow for the consent of holders of a majority
of the issued and outstanding shares, acting without a shareholders meeting, to approve an
acquisition, it does so without effecting shareholder rights. </font></p>

<p><font size="2">A resolution and consent granting the authority to enter into a reverse
merger or other business-combination transaction is attached hereto as Exhibit A.</font></p>
<b>

<p ALIGN="CENTER"><font size="2">ACTION III<br>
AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE AUTHORIZED SHARES AND TO CHANGE
THE PAR VALUE OF SHARES</font></p>
</b>

<p><font size="2">The Board and the consenting stockholders have adopted and approved an
amendment to increase the number of its authorized shares of Preferred Stock from
3,000,000 to 10,000,000 shares (the &quot;Authorized Share Increase&quot;) and to change
the par value of Sheffield&#146;s Common and Preferred Stock from .01 per share to .001
per share. The amendment was adopted primarily in anticipation of providing Sheffield with
the capital structure that would facilitate any potential reverse merger. A resolution and
consent approving the amendment are attached hereto as Exhibit A.</font></p>

<p><font size="2">The Authorized Share Increase will be implemented by filing an Amended
Certificate of Incorporation with the Division of Corporations of the State of Delaware.
Under federal securities laws, Sheffield cannot file the Amended Certificate of
Incorporation until at least 20 days after the mailing of this Information Statement.</font></p>

<p><font size="2">As of the record date, the authorized number of shares of
Sheffield&#146;s Preferred Stock is 3,000,000. The Board and the consenting stockholder
believe that additional authorized shares of Preferred Stock is in Sheffield&#146;s best
interest as the additional shares could be issued before or after a business combination
for raising of additional equity capital or other financing activities, stock dividends or
other purposes. The future issuance of additional shares of Preferred Stock on other than
a pro rata basis to existing stockholders will dilute the ownership of the current
stockholders, as well as their proportionate voting rights. The new shares of Preferred
Stock that will be authorized by the amendment may be issued in one or mare classes or
series, having such designations, preferences, privileges and rights as the board of
directors may determine.</font></p>

<p><font size="2">Although this action is not intended to have any anti-takeover effect
and is not part of any series of anti-takeover measures contained in any instruments or
the Articles of Incorporation as amended or the Bylaws of Sheffield in effect on the date
of this Information Statement, Sheffield stockholders should note that the availability of
additional authorized and unissued shares of common stock could make any attempt to gain
control of Sheffield or the Board more difficult or time consuming and that the
availability of additional authorized and unissued shares might make it more difficult to
remove management. Although the Board currently has no intention of doing so, shares of
common stock could be issued by the Board to dilute the percentage of common stock owned
by a significant stockholder and increase the cost of, or the number of, voting shares
necessary to acquire control of the Board or to meet the voting requirements imposed by
Delaware law with respect to a merger or other business combination involving Sheffield. </font></p>

<p ALIGN="JUSTIFY"><font size="2">Following the Reverse Stock Split and the Authorized
Share Increase, the number of shares of Sheffield&#146;s stock will be as follows (subject
to slight adjustment for rounding of fractional shares):</font></p>
<div align="center"><center>

<table BORDER="0" CELLSPACING="0" WIDTH="100%" height="26" cellpadding="0">
  <tr>
    <td WIDTH="13%" VALIGN="BOTTOM" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF"></td>
    <td WIDTH="19%" VALIGN="BOTTOM" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF"><b><p ALIGN="CENTER"><font size="1">Common Stock Outstanding</font></b></td>
    <td WIDTH="17%" VALIGN="BOTTOM" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF"><b><p ALIGN="CENTER"><font size="1">Authorized Common Stock</font></b></td>
    <td WIDTH="18%" VALIGN="TOP" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF"><b><p ALIGN="CENTER"><font size="1">Preferred Stock Outstanding</font></b></td>
    <td WIDTH="17%" VALIGN="top" height="1"
    style="border-left: 1px solid rgb(0,0,0); border-right: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"
    bgcolor="#00FFFF"><b><p ALIGN="CENTER"><font size="1">Authorized Preferred Stock</font></b></td>
  </tr>
  <tr>
    <td WIDTH="13%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"><p
    ALIGN="left"><font size="2">Pre Reverse Split</font></td>
    <td WIDTH="19%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">99,563,712</font></td>
    <td WIDTH="17%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">100,000,000</font></td>
    <td WIDTH="18%" VALIGN="TOP" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">0</font></td>
    <td WIDTH="17%" VALIGN="top" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-right: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">10,000,000</font></td>
  </tr>
  <tr>
    <td WIDTH="13%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="JUSTIFY"><font size="2">1 for 250</font></td>
    <td WIDTH="19%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">400,000</font></td>
    <td WIDTH="17%" VALIGN="BOTTOM" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">100,000,000</font></td>
    <td WIDTH="18%" VALIGN="TOP" height="0"
    style="border-left: 1px solid rgb(0,0,0); border-top: 1px solid rgb(0,0,0); border-bottom: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">0</font></td>
    <td WIDTH="17%" VALIGN="top" height="0" style="border: 1px solid rgb(0,0,0)"><p
    ALIGN="CENTER"><font size="2">10,000,000</font></td>
  </tr>
</table>
</center></div>

<p>&nbsp;</p>
</div>

<p><font size="2"><br clear="all"
style="page-break-before:always; mso-break-type:section-break">
</font></p>
<div>

<p ALIGN="CENTER"><b><font size="2">EXHIBIT A </font></b></p>

<p ALIGN="CENTER"><font size="2"><b>JOINT WRITTEN CONSENT<br>
OF THE<br>
BOARD OF DIRECTORS<br>
AND<br>
MAJORITY STOCKHOLDER<br>
OF<br>
SHEFFIELD PHARMACEUTICALS, INC.<br>
</b>a Delaware Corporation</font></p>

<p><font size="2">The undersigned, being all of the members of the Board of Directors and
the holders of at least a majority of the outstanding capital stock of Sheffield
Pharmaceuticals, Inc., a Delaware corporation (the &quot;Corporation&quot;), acting
pursuant to the authority granted by Title 8, Subchapter VII, Section 228 of the Delaware
General Corporation Laws and the By-Laws of the Corporation, do hereby adopt the following
resolutions by written consent as of August 30, 2005:</font></p>

<p ALIGN="CENTER"><font size="2"><b><u>REVERSE STOCK SPLIT</u></b></font></p>

<p><font size="2"><b>WHEREAS</b>, the undersigned have determined, after reviewing the
number of currently issued, outstanding and reserved shares of the Corporation, that it is
in the best interests of the Corporation and its shareholders that every two-hundred-and
fifty (250) issued and outstanding shares of common stock of the Corporation (&quot;Common
Stock&quot;) be automatically split into 1 share of Common Stock (the &quot;Reverse Stock
Split&quot;). The resulting share ownership interest including resulting fractional shares
for each individual shareholder shall be rounded up to the third whole integer in such a
manner that all rounding shall be done to the next 100 and each and every shareholder
shall own at least 100 shares as a result of the Reverse Split;</font></p>

<p><font size="2"><b>WHEREAS</b>, subject to and in compliance with Section 228 of the
Delaware General Corporation Laws, it is deemed to be in the best interests of the
Corporation and its shareholders that a record date for the Reverse Stock Split be set as
September 20, 2005 (the &quot;Record Date&quot;), such that all persons holding shares of
Common Stock on the Record Date shall have their shares of Common Stock split applying a
ratio of 250 to 1 and that an effective date for the Reverse Stock Split be set on the
date that is 10 days after the Record Date;</font></p>

<p><font size="2"><b>NOW, THEREFORE, BE IT RESOLVED</b>, that, every 250 issued and
outstanding shares of Common Stock be and hereby are automatically split into 1 share of
Common Stock and the resultant share ownership be rounded up to the third whole integer in
such a manner that all rounding shall be done to the next 100 and each and every
shareholder shall own at least 100 shares as a result of the Reverse Split;</font></p>

<p><font size="2"><b>RESOLVED FURTHER</b>, that the Record Date be, and hereby is
approved;</font></p>

<p><font size="2"><b>RESOLVED FURTHER,</b> that, no fractional shares of Common Stock of
the Corporation shall be issued. No stockholder of the Corporation shall transfer any
fractional shares of Common Stock of the Corporation. The Corporation shall not recognize
on its stock record books any purported transfer of any fractional share of Common Stock
of the Corporation. Instead, any fractional share shall be rounded to the nearest third
integer whole share. In plain English rounded up to the nearest hundred.</font></p>

<p><font size="2"><b>RESOLVED FURTHER</b>, that, subject to the foregoing, any officer of
the Corporation, acting alone, be and hereby is authorized, empowered and directed, for
and on behalf of the Corporation, to direct the Corporation&#146;s transfer agent to
record the appropriate number of shares held by each shareholder after giving effect to
the Reverse Stock Split and to take such further action as such officer deems necessary or
appropriate to effectuate the purposes of the foregoing resolutions;</font></p>

<p ALIGN="CENTER"><u><strong><font size="2">AUTHORITY TO ENTER INTO A REVERSE MERGER
TRANSACTION</font></strong></u></p>

<p><font size="2"><b>WHEREAS,</b> the Board deems that it would be in the best interest of
the Corporation and its shareholders to secure an operating business by entering into a
reverse merger or similar business-combination transaction;</font></p>

<p><font size="2"><b>NOW, THEREFORE, BE IT RESOLVED</b>, that the Board of Directors is
authorized to enter into a reverse merger or other business-combination transaction
involving Sheffield that the Board of Directors, in its sole discretion, deems
appropriate.</font></p>

<p ALIGN="CENTER"><u><strong><font size="2">AMENDMENT TO THE CERTIFICATE OF INCORPORATION
TO <br>
INCREASE THE AUTHORIZED SHARES OF PREFERRED STOCK AND<br>
CHANGE THE PAR VALUE OF COMMON AND PREFERRED STOCK </font></strong></u></p>

<p><font size="2"><b>WHEREAS,</b> it is proposed that the Corporation amend its
Certificate of Incorporation to increase the number of authorized shares of its Preferred
Stock from 3,000,000 to 10,000,000 and to change the par value of the Corporation&#146;s
Common Stock and Preferred Stock from $0.01 to $0.001 per share; and </font></p>

<p><font size="2"><b>WHEREAS</b>, the Board deems that the above amendment to the
Certificate of Incorporation is in the best interests of the Corporation and its
shareholders.</font></p>

<p><font size="2"><b>NOW, THEREFORE, BE IT RESOLVED,</b> that the Certificate of
Incorporation of the Corporation be amended as follows:</font></p>

<p><font size="2">Changing Article FOURTH so that, as amended, said Article shall be and
read as follows:</font></p>

<p><font size="2">&quot;This Corporation is authorized to issue two classes of stock to be
designated, respectively, preferred stock (&quot;Preferred Stock&quot;) and common stock
(&quot;Common Stock&quot;). The total number of shares of capital stock that the
Corporation is authorized to issue is 110,000,000. The total number of shares of Common
Stock the Corporation shall have the authority to issue is 100,000,000, par value $0.001
per share. The total number of shares of Preferred Stock that the Corporation shall have
the authority to issue is 10,000,000, par value $0.001 per share. The Corporation&#146;s
capital stock may be sold from time to time for such consideration as may be fixed by the
Board of Directors, provided that no consideration so fixed shall be less than par value. </font></p>

<p><font size="2">The Board of Directors of the Corporation is expressly authorized,
subject to limitations prescribed by law and the provisions of this Article IV, to provide
for the issuance of the shares of Preferred Stock from time to time in one or more series,
and by filing a certificate pursuant to the Delaware Statutes, to fix the number of shares
and to determine or alter for each such series, such voting powers, full or limited, or no
voting powers, and such designations, preferences, and relative, participating, optional,
or other rights and such qualifications, limitations, or restrictions thereof, as shall be
stated and expressed in the resolution or resolutions adopted by the Board of Directors
providing for the issuance of such shares as may be permitted by the Delaware Statutes.</font></p>

<p><font size="2">All stock of this corporation, whether Common Stock or Preferred Stock,
shall be issued only upon the receipt of the full consideration fixed for the issuance of
such stock. Such stock, once issued, shall be fully paid and nonassessable.</font></p>

<p><font size="2">No holder of shares of any class of this corporation shall have (1) any
preemptive right to subscribe for or acquire additional shares of this corporation of the
same or any other class, whether such shares shall be hereby or hereafter authorized, or
(2) any right to acquire any shares which may be held in the treasury of this corporation.
All such additional or treasury shares may be issued or reissued for such consideration,
at such time, and to such persons as the Board of Directors may from time to time
determine.</font></p>

<p><font size="2">On or about September 30, 2005 (the &quot;Split Effective Date&quot;),
each 250 shares of common stock, par value $.01 per share, of the Corporation issued and
outstanding or held as treasury shares immediately prior to the Split Effective Date (the
&quot;Old Common Stock&quot;) shall automatically without any action on part of the holder
thereof, be reclassified and changed into one share of common stock, which the Corporation
shall be authorized to issue immediately subsequent to the Split Effective Date (the
&quot;New Common Stock&quot;). Each holder of a certificate or certificates which
immediately prior to the Split Effective Date represented outstanding shares of Old Common
Stock (the &quot;Old Certificates&quot;) shall, from and after the Split Effective Date,
be entitled to receive upon surrender of such Old Certificates to the Corporation&#146;s
transfer agent for cancellation, a certificate or certificates (the &quot;New
Certificates&quot;) representing the shares of New Common Stock into which the shares of
Old Common Stock formerly represented by such Old Certificates so surrendered are
reclassified under the terms hereof. No fractional shares of New Common Stock of the
Corporation shall be issued. The Corporation shall not recognize on its stock record books
any purported transfer of any fractional share of Common Stock of the Corporation.
Instead, any fractional share shall be rounded up to the third whole integer in such a
manner that every shareholder shall own at least 100 shares as a result of the Reverse
Split.&quot;</font></p>

<p><font size="2"><b>RESOLVED FURTHER</b>, that, upon effectiveness of the Schedule 14C,
any officer of the Corporation, acting alone, be and hereby is authorized, empowered and
directed, for and on behalf of the Corporation, to execute and file with the Division of
Corporations of the State of Delaware, the Amended Certificate of Incorporation, in
accordance with applicable law; </font></p>

<p><font size="2"><b>RESOLVED FURTHER</b>, that any officer of the Corporation, acting
alone, be and hereby is authorized, empowered and directed, for and on behalf of the
Corporation, to take such further action and execute and deliver any additional
agreements, instruments, certificates, filings or other documents and to take any
additional steps as any such officer deems necessary or appropriate to effectuate the
purposes of the foregoing resolutions;</font></p>

<p><font size="2"><b>RESOLVED FURTHER</b>, that any action or actions heretofore taken by
any officer of the Corporation for and on behalf of the Corporation in connection with the
foregoing resolutions are hereby ratified and approved as the actions of the Corporation.</font></p>

<p><font size="2">This Joint Written Consent shall be added to the corporate records of
this Corporation and made a part thereof, and the resolutions set forth above shall have
the same force and effect as if adopted at a meeting duly noticed and held by the Board of
Directors and the stockholder of this Corporation. This Joint Written Consent may be
executed in counterparts and with facsimile signatures with the effect as if all parties
hereto had executed the same document. All counterparts shall be construed together and
shall constitute a single Joint Written Consent.</font></p>

<p><font size="2">Director:<br>
/s/ Michael F. Manion<br>
Michael F. Manion</font></p>

<p><font size="2">Stockholder:<br>
/s/ Michael F. Manion<br>
Michael F. Manion</font></p>
</div>
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