Adaltis Inc. Files for Bankruptcy in Canada
Published: Aug 05, 2009
MONTREAL, QUEBEC--(Marketwire - August 04, 2009) - Adaltis Inc. (TSX: ADS), an international in vitro diagnostic (IVD) company, today announced that it has filed a voluntary assignment in bankruptcy under the Bankruptcy and Insolvency Act (Canada) in order to effect an orderly liquidation of its assets, property and operations. The filing of said assignment in bankruptcy terminates the protection of the Court granted under the Companies' Creditors Arrangement Act (Canada) on July 3, 2009. In light of the foregoing, the directors of the Corporation have resigned.
The implications for creditors and other stakeholders of the Corporation are not known at this time and will not be known until the liquidation process is complete. Operations outside of Canada are not included in this voluntary assignment in bankruptcy.
RSM Richter Inc. has been appointed as trustee in bankruptcy.
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™, 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. 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.
Executive Vice President and Chief Financial Officer
514-335-9922, ext. 228