Cobalis Corp. Confirms Filing of Business Reorganization Plan and Disclosure Statement to Remain Operating in CH 11 while executing their Internet and Direct TV PreHistin(R) Anti–Allergy Product Advertising Campaign

IRVINE, Calif.--(BUSINESS WIRE)--Cobalis Corporation (OTC:CLSC) is pleased to announce the August 3, 2009 filing of their Chapter 11 Five Year Reorganization Plan and Disclosure Statement as previously required. Both the secured creditor YA Global Inc and the U.S. Trustee did not oppose the Cobalis plan by re-filing for Chapter 7 conversion. No motions to convert Cobalis Corp. to Chapter 7 are now pending. The court also denied the YA Global motion to appoint an examiner in the case.