ART Advanced Research Technologies Inc. (ART) (TSX:ARA), a Canadian medical
device company and a leader in optical molecular imaging products for the
healthcare and pharmaceutical industries, announced today that in view of the
Company's ongoing financial needs, its Board of Directors has initiated a
process to explore strategic options available to the Company. Concurrently with
this strategic review, the Company has implemented a downsizing of its
workforce.


The Board has retained KPMG LLP as financial advisor to assist in examining
strategic options available to the Company which may include a recapitalization
of the Company, a sale of some or all of its assets, or a restructuring the
Company's operations. As part of this strategic options review, the Board has
authorized the Company to explore whether third parties would have interest in
acquiring the Company.


However, there can be no assurance that the review will result in any specific
strategic or financial transactions. The Company does not plan to make future
comments about the status of the review of strategic options unless there are
material developments.


In connection with its strategic options review, the Company has announced a
downsizing affecting 35 employees, including 15 lay-offs, resignations or
positions abolished, that will result in a 43 % reduction of its operating
expenses.


The Company's Chairman & CEO, Sebastien Gignac, stated: "In light of the
challenges involved in securing additional financing in the current economic
context, and after careful consideration, the Board of Directors has determined
that the Company should undertake a process to explore its strategic options.
The Board has also concluded that the Company must reorganize and eliminate
certain positions in order to reduce our expenditures during this process."


About ART 

ART Advanced Research Technologies Inc. is a leader in molecular imaging
products for the healthcare and pharmaceutical industries. ART has developed
products in medical imaging, medical diagnostics, disease research, and drug
discovery with the goal of bringing new and better treatments to patients
faster. The Optix(R) optical molecular imaging system, designed for monitoring
physiological changes in living systems at the preclinical study phases of new
drugs, is used by industry and academic leaders worldwide. The SoftScan(R)
optical medical imaging device is designed to improve the diagnosis and
treatment of breast cancer. Finally, the Fenestra(R) line of molecular imaging
contrast products provides image enhancement for a wide range of preclinical
Micro CT applications allowing scientists to see greater detail in their imaging
studies, with potential extension into other major imaging modalities. ART is
commercializing some of these products in a global strategic alliance with GE
Healthcare, a world leader in mammography and imaging. ART's shares are listed
on the TSX under the ticker symbol ARA. For more information on ART, 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).
Aclara Resources (TSX:ARA)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Aclara Resources Charts.
Aclara Resources (TSX:ARA)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Aclara Resources Charts.