ART Advanced Research Technologies Inc. Secures Up to $1.2 Million in Interim Financing in Connection With the Pursuit of Its St
November 02 2009 - 3:00PM
Marketwired
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 that earlier today it filed a notice of intention to make
a proposal to its creditors under the Bankruptcy and Insolvency Act
with KPMG Inc. in order to provide the company with the liquidity
it requires to pursue its solicitation process. ART was also
authorized pursuant to an order of the Quebec Superior Court to
enter into a loan agreement with Dorsky Worldwide Corp. for interim
financing in an amount of up to $1,200,000.
The announcement follows the hiring of KPMG LLP as financial
advisor to assist ART in examining its available strategic options,
previously announced on October 29, 2009, and KPMG LLP's analysis
as to the best way to proceed during the strategic review process
in view of ART's ongoing financial needs. The new financing will
support ART's business continuity by providing additional
short-term liquidity while KPMG LLP and ART pursue the strategic
review process and continue soliciting purchase offers for the
business and assets of ART.
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® 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® optical medical imaging device is designed to improve the
diagnosis and treatment of breast cancer. Finally, the Fenestra®
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).
Contacts: ART Advanced Research Technologies Inc. Jacques Bedard
Chief Financial Officer 514-832-0777 jbedard@art.ca www.art.ca
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