ART Advanced Research Technologies Inc. Announces Completion of Restructuring Process With Implementation of its Proposal Filed Under the Bankruptcy and Insolvency Act
Published: Dec 15, 2009
MONTREAL, CANADA--(Marketwire - 12/14/09) - ART Advanced Research Technologies Inc., a Canadian medical device company specializing in optical molecular imaging products for the healthcare and pharmaceutical industries, announces that it has emerged from its Court-supervised restructuring on December 11, 2009.
All transactions in connection with the implementation of the proposal filed by ART under the Bankruptcy and Insolvency Act (Canada) ("BIA") (the "Proposal") and the reorganization of ART's equity pursuant to Section 191 of the Canada Business Corporation Act (the "Reorganization") included therein have been completed.
ART's President, Sebastien Gignac, stated: "With Dorsky Worldwide Corp.'s critical support and the closing of the Proposal, ART is able to emerge from this restructuring process with the perspective of pursuing within a new group its operations and maintaining its highly-skilled and dedicated workforce as well as supporting its valuable clients. We wish to extend our deepest gratitude to our suppliers, service providers and distributors, for the strong support which they have given us throughout this difficult process. We intend to pursue the growth of our relationship with them to build a bright future together. It is regretful that our shareholders who have shared ART's history for many years until the very end have not realized value and have been disappointed by their investment in the ART. They have nonetheless participated in the development of a unique imaging platform and of two great molecular imaging products, SoftScan? and Optix?, whose true value will be to improve people's lives, especially women's, and get new and better drugs to market quicker. ART's challenging restructuring enables the survival of a reliable and state of the art technology emanating from Quebec, Canada, in particular in the areas of cancer diagnostic and treatment monitoring, which are generating growing debates and high expectations unmet by conventional modalities", concluded Mr. Gignac.
ART obtained creditors approval of the Proposal on December 7, 2009 and a final order of the Quebec Superior Court of Justice (the "Court") under the BIA on December 9, 2009. Pursuant to the Proposal, Dorsky Worldwide Corp. ("Dorsky") has settled the claims of secured creditors of ART totaling close to $5 million and funded a distribution of $375,000 to be made by the Court-appointed trustee to the unsecured creditors of ART. Dorsky is now ART's sole shareholder.
All existing common and preferred shares and other equity of ART outstanding prior to the implementation of the Proposal have been automatically cancelled, without payment or compensation to the holders of such shares and equity, in accordance with the terms of the Court approved Proposal. All warrants, rights, options, agreements and instruments to purchase shares of ART existing prior to the Proposal implementation are of no further force or effect, in accordance with the terms of the Court approved Proposal.
The common shares (Symbol: ARA), the Series 1 Preferred Shares (Symbol: ARA.PR.A) and the Series 2 Preferred Shares (Symbol: ARA.PR.B) of ART were de-listed from the Toronto Stock Exchange ("TSX") at the close of business on December 11, 2009. ART will apply to cease to be a reporting issuer in all applicable Provinces and territories of Canada.
ART Advanced Research Technologies Inc. develops and commercializes molecular imaging products for the healthcare and pharmaceutical industries. In accordance with TSX Bulletin No.2 009-1426 dated November 3, 2009, the TSX determined on November 12, 2009 to delist the common shares (Symbol: ARA), the Series 1 Preferred Shares (Symbol: ARA.PR.A) and the Series 2 Preferred Shares (Symbol: ARA.PR.B) of the Company (collectively, the "Securities") at the close of market on December 11, 2009 for failure to meet the continued listing requirements of TSX. For more information on ART and its restructuring, 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).
Contacts: ART Advanced Research Technologies Inc. Sebastien Gignac President and Chief Executive Officer 514-832-0777 email@example.com ART Advanced Research Technologies Inc. Jacques Bedard Chief Financial Officer 514-832-0777 firstname.lastname@example.org www.art.ca