Hemosol Announces Share Consolidation
June 07 2005 - 4:30PM
PR Newswire (US)
Hemosol Announces Share Consolidation - Edward McCormack Named as
New Chairman of the Board - TORONTO, June 7 /PRNewswire-FirstCall/
-- Hemosol Corp. (NASDAQ:HMSLNASDAQ: TSX:NASDAQ:HML) today
announced that it has filed articles of amendment for the
consolidation of the Company's common shares on the basis of one
post- consolidation share for four pre-consolidation shares. The
share consolidation was approved by shareholders at Hemosol's
Annual and Special Meeting held earlier today. This consolidation
is being undertaken to bring the Company into compliance with the
minimum bid requirements of NASDAQ. Hemosol believes that retaining
its NASDAQ listing is of strategic importance, given the Company's
large US shareholder base as well as the importance of maintaining
ready access to the US capital markets. The Company expects its
common shares to begin trading on a consolidated basis on the TSX
and NASDAQ on or about June 10, 2005. There will be a temporary
change to Hemosol's NASDAQ symbol to HMSLD for 20 trading days to
reflect the consolidation. No fractional shares will be issued in
connection with the consolidation and all fractional entitlements
will be cancelled. New Director and New Chairman of the Board
Following the meeting of shareholders, Hemosol's Board also
appointed Dr. Paul Walker to the Board of Directors and named
Edward McCormack, currently the chair of the Company's audit
committee, as the new Chairman of the Board. Edward Lane was also
named to succeed Mr. McCormack as the new chair of the Audit
committee and Edward Rygiel, the outgoing chairman will remain on
the board as a director. "Ed Rygiel is one of the founding
directors of Hemosol and he has served as Chairman since Hemosol
began in 1988," stated Lee Hartwell, Hemosol's President and CEO.
"His guidance, vision and determination have been of tremendous
value through each stage of the Company's development and we look
forward to his continuing contribution as a member of the Board."
An archived webcast of the Annual and Special Meeting of
Shareholders for Hemosol is available on the company website at
http://www.hemosol.com/. About Hemosol Hemosol is a
biopharmaceutical company focused on the development and
manufacturing of biologics, particularly blood-related proteins.
Hemosol has a broad range of novel therapeutic products in
development, including oxygen therapeutics and protein-based
therapeutics to treat certain infectious diseases, cancers and
anemia. For more information visit Hemosol's website at
http://www.hemosol.com/. The Common Shares are listed on the NASDAQ
Stock Market under the trading symbol "HMSL" and on the Toronto
Stock Exchange (TSX) under the trading symbol "HML". Certain
statements concerning Hemosol's future prospects are
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and other
applicable securities legislation. There can be no assurances that
future results will be achieved, and actual results could differ
materially from forecasts and estimates. Important factors that
could cause actual results to differ materially from forecasts and
estimates include, but are not limited to: Hemosol's ability to
successfully implement the Cascade technology and commercialize
products derived there from; Hemosol's ability to obtain additional
financing which is critical to the implementation of the Cascade
technology and to Hemosol's continued viability as a going concern;
Hemosol's ability to obtain regulatory approvals for its products;
Hemosol's ability to successfully complete clinical trials for its
products; Hemosol's ability to enter into satisfactory arrangements
for the supply of materials used in its manufacturing operations
and the sale of resulting products to customers; technical,
manufacturing or distribution issues; the competitive environment
for Hemosol's products and services; the degree of market
penetration of Hemosol's products; Hemosol's ability to attract and
retain clients for its bio-manufacturing services; the risk that
Hemosol may not become profitable; and other factors set forth in
filings with Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission. These risks and
uncertainties, as well as others, are discussed in greater detail
in the filings of Hemosol with Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission.
Hemosol makes no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances after the
date any such statement is made. DATASOURCE: Hemosol Corp. CONTACT:
Jason Hogan, Investor & Media Relations, (416) 361-1331, (800)
789-3419, (416) 815-0080 fax, , http://www.hemosol.com/; Archived
images on this organization are searchable through CNW Photo
Archive website at http://photos.newswire.ca/. Images are free to
accredited members of the media. To request a free copy of this
organization's annual report, please go to http://www.newswire.ca/
and click on reports@cnw.
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