Chromos Molecular Systems Inc. Provides Shareholder Update
NORTH VANCOUVER, April 16 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. today provided an update on its on-going restructuring efforts.
The Board of Directors of Chromos today announced that Mr. Alistair Duncan has stepped down as President and Chief Executive Officer, effective immediately. He has also resigned as a Director of Chromos. Mr. Duncan, a founder of the Company, served as President and CEO since 1998.
Mr. Roger Flowerdew, C.A., a current member of the Board of Directors, will serve as CEO and President. Mr. Flowerdew will remain as a Director of the Company. Mr. Flowerdew brings executive experience in the North American bio-technology industry and extensive experience in corporate finance to the Company.
The Board of Directors would like to thank Mr. Duncan for his dedication and contributions of the past number of years.
Chromos' Chief Financial Officer, Mr. Jeff Charpentier, is serving the Company on a part-time basis as well as being engaged on a full-time basis with another company.
The Company also announced that it has brought its regulatory filings up to date. These filings include all financial statements through to the audited December 31, 2007 financial statements together with all related MD&A, and both the 2006 and 2007 Annual Information Forms and other required corporate filings. The regulatory filings can be accessed at www.sedar.com.
The Company continues to be subject to cease trade orders issued by various provincial securities commissions as a result of its failure to timely file financial statements and other documents. With the regulatory filings now being brought up to date, the Company expects to shortly make applications for revocations of the outstanding cease trade orders. Although the Company believes the regulatory filings are up to date and complete, there can be no assurance that revocation orders will be obtained on a timely basis or at all.
Chromos currently has some cash, certain business assets and positive working capital. The Company is reviewing its remaining business assets (which include the REM technology, certain rights to use the ACE System for gene therapy and transgenics, and its approximately 29% shareholdings in Agrisoma Biosciences Inc.) to develop a strategic plan for continued operations for the longer term.
"The Company continues to execute against its restructuring plan and as a part of the restructuring is reviewing a number of strategic options and will provide further announcements in due course." said Darrell Elliott, Chairman of the Board.
Risks and Uncertainties
Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Chromos, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with Chromos' operations. Operating risks include (i) the continued availability of capital to finance Chromos' activities; (ii) Chromos' limited cash position, and (iii) Chromos' limited operations.
CONTACT: Roger Flowerdew, CA, CEO and President, (604) 985-7100, Email: rflowerdew@chromos.com; or Jeff Charpentier, CA, Vice President Finance and CFO, (604) 985-7100, email: jcharpentier@chromos.com
CONTACT: Roger Flowerdew, CA, CEO and President, (604) 985-7100, Email:
rflowerdew@chromos.com; or Jeff Charpentier, CA, Vice President Finance and
CFO, (604) 985-7100, email: jcharpentier@chromos.com