MONTREAL, QUEBEC, CANADA--(Marketwire - October 29, 2009) - ART Advanced Research Technologies Inc. (ART) (TSX: ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, announced today that in view of the Company's ongoing financial needs, its Board of Directors has initiated a process to explore strategic options available to the Company. Concurrently with this strategic review, the Company has implemented a downsizing of its workforce.
The Board has retained KPMG LLP as financial advisor to assist in examining strategic options available to the Company which may include a recapitalization of the Company, a sale of some or all of its assets, or a restructuring the Company's operations. As part of this strategic options review, the Board has authorized the Company to explore whether third parties would have interest in acquiring the Company.
However, there can be no assurance that the review will result in any specific strategic or financial transactions. The Company does not plan to make future comments about the status of the review of strategic options unless there are material developments.
In connection with its strategic options review, the Company has announced a downsizing affecting 35 employees, including 15 lay-offs, resignations or positions abolished, that will result in a 43 % reduction of its operating expenses.
The Company's Chairman & CEO, Sebastien Gignac, stated: "In light of the challenges involved in securing additional financing in the current economic context, and after careful consideration, the Board of Directors has determined that the Company should undertake a process to explore its strategic options. The Board has also concluded that the Company must reorganize and eliminate certain positions in order to reduce our expenditures during this process."
ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is used by industry and academic leaders worldwide. The SoftScan® optical medical imaging device is designed to improve the diagnosis and treatment of breast cancer. Finally, the Fenestra® line of molecular imaging contrast products provides image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. ART is commercializing some of these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at www.art.ca.
This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the most recent Annual Information Form and the financial statements for the year ended December 31, 2008, available on SEDAR (www.sedar.com).