ART Advanced Research Technologies Inc. Announces Court Approval of Its Proposal Filed Under the Bankruptcy and Insolvency Act
December 09 2009 - 11:25PM
Marketwired
ART Advanced Research Technologies Inc. (ART) (TSX: ARA), a
Canadian medical device company specializing in optical molecular
imaging products for the healthcare and pharmaceutical industries,
announces that the Quebec Superior Court approved today the amended
proposal (the "Proposal") filed by ART under the Bankruptcy and
Insolvency Act (Canada) (the "BIA"). The Proposal provides for,
amongst other terms, the distribution of the sum of $375 000 to the
unsecured creditors as well as a reorganization of ART's equity
pursuant to Section 191 of the Canada Business Corporations Act
(the "Reorganization").
The transactions contemplated by the Proposal including the
Reorganization are expected to be implemented and effective by
December 11, 2009.
In consideration of the transactions contemplated under the
Proposal, Dorsky Worldwide Corp. ("Dorsky") settled the claims of
secured creditors of ART totaling close to $5 million and paid
$375,000 to be used by ART to pay a distribution to its unsecured
creditors.
Upon the implementation of the Proposal and Reorganization, all
existing common and preferred shares and other equity of ART will
be automatically cancelled, without payment or compensation to the
holders of such shares and equity, in accordance with the terms of
the Court approved Proposal. This announcement follows the
announcement made on December 7, 2009 that the unsecured creditors
of ART (the "Unsecured Creditors") voted unanimously in support of
its Proposal under the BIA, as amended, at a meeting of Unsecured
Creditors held that day.
About ART
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 Toronto Stock Exchange ("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. The Securities will remain suspended from trading. 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. Jacques Bedard
Chief Financial Officer 514-832-0777 jbedard@art.ca www.art.ca
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