MONTREAL, QUEBEC--(Marketwire - July 13, 2009) - Adaltis Inc. (TSX: ADS), an international in vitro diagnostic (IVD) company, today announced that it has obtained an order from the Quebec Superior Court establishing a claims process for the purpose of determining the claims of the creditors of Adaltis and for the calling and conducting of a meeting of the creditors of Adaltis once a plan of compromise and arrangement has been filed.
In its order, the Court also set to August 13, 2009 the bar date for the filing of a proof of claim. Creditors who fail to file a claim by such date will be precluded from any participation in any eventual distribution.
Such order will allow Adaltis to determine the quantum of claims that will be subject to any future plan of compromise and arrangement and to deal with such claims against Adaltis.
Adaltis has been operating under the protection of the Companies' Creditors Arrangement Act (Canada) since July 3, 2009.
Caution Concerning Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of applicable Canadian securities legislation. These statements include those relating to statements that are not historical facts, and reflect the current intentions, plans, expectations and beliefs of Adaltis' management. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve known and unknown risks, uncertainties and other factors outside of management's control. A number of factors could cause actual results of Adaltis to differ materially from the results predicted in the forward-looking statements, including, but not limited to, risks associated with obtaining regulatory registrations, affecting our ability to achieve our strategy in China and other emerging markets, the successful and timely completion of our ongoing research and development efforts in particular related to Eclectica(tm), the launch of new products, the uncertainties of market factors and regulatory processes to which our business is subject, the ability to recover the value of our holdings of asset-backed commercial paper following the restructuring of the asset-backed commercial paper market, and the availability and terms of any financing.
Further, actual results or events could differ materially from those contemplated in forward-looking statements as a result of the risks and uncertainties relating to the CCAA proceedings (the "CCAA Proceedings") including: any negative impacts on the Corporation's business, results of operations, financial position, cash management arrangements and limitations on the Corporation's ability to freely deploy its cash resources throughout the Corporation; relationships with employees, customers, creditors, suppliers and other stakeholders resulting from the CCAA Proceedings; the failure of the Corporation to obtain an initial court order substantially on the terms applied for or to obtain subsequent court orders extending the applicable stays of action and proceedings against the Corporation to permit it to propose a restructuring plan to affected creditors; the sufficient alternative debtor-in-possession financing during the CCAA Proceedings; the failure of the Corporation to obtain the requisite approvals of affected creditors or the court for any restructuring plan, or to successfully implement such a plan or obtain sufficient exit financing, if required, within the time granted by the court, which could result in substantially all of its debt obligations becoming immediately due and payable or subject to immediate acceleration, leading to the likely liquidation of the Corporation's assets; that the Corporation's existing common shares could have no material value in, and following the approval of, a restructuring plan and could be cancelled; and the potential that the Toronto Stock Exchange may suspend trading or delist the Corporation's common shares on or from such stock exchange as a result of the CCAA Proceedings. For additional information with respect to certain of these and other factors, refer to our Annual Information Form under the heading "Risk Factors" filed with the Canadian securities commissions.
The forward-looking statements contained in this news release represent the expectations of Adaltis and its subsidiaries as at the date hereof and accordingly are subject to change after such date. However, Adaltis and its subsidiaries expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Adaltis Inc.
Adaltis is an international in vitro diagnostic company with a mission to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.
With the strategic advantage of its "state of the art" reagent manufacturing facility located in Shanghai, China, a complete IVD product offering targeting emerging markets, and a strong international sales and distribution platform, Adaltis is able to manufacture high-quality products in a low-cost GMP environment, in order to service existing markets in Europe, while providing a platform to penetrate the high-growth Chinese in vitro diagnostic market.
Adaltis is headquartered in Montreal, with offices in China, Italy, Mexico and other parts of the world.