Adaltis Inc. Provides Update on its Financial Situation; Assesses Alternatives, Including Bankruptcy
Published: Jun 30, 2009
MONTREAL, June 30 /CNW Telbec/ - Adaltis Inc. (TSX: ADS - News), an international in vitro diagnostic (IVD) company, wishes to provide an update further to its last news release issued June 22, 2009.
As previously disclosed on June 22, 2009, Adaltis has been in discussions with certain parties to provide additional financing in order to ensure continuing operations beyond June 2009. As of date, no agreements with potential investors have been reached nor is the Corporation confident any additional financing will be available and the Corporation is presently running out of monies to fund its operations. As a result, the Corporation is presently assessing various alternatives, including a potential assignment in bankruptcy.
There can be no assurance that any new financing will be provided to Adaltis and it is unlikely that Adaltis will be able to continue as a going concern without successfully raising additional financing through borrowings, share issuances, sale of assets or otherwise. The outcome of these matters is in large part beyond the Corporation's control and will likely be subject to a number of conditions, some of which may not be favourable to the Corporation.
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. 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.
For further information
David Gardner, Executive Vice President and Chief Financial Officer, Adaltis Inc., (514) 335-9922, ext. 228, firstname.lastname@example.org