ART Advanced Research Technologies Inc. Announces Restructuring Agreement and Proposal to Creditors
November 20 2009 - 6:56PM
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,
announces that its strategic review process has culminated in ART
entering into an agreement today with Dorsky Worldwide Corp.
("Dorsky") to restructure ART's balance sheet and share capital and
position it to continue in business.
The agreement contemplates that ART will file a proposal (the
"Proposal") to its unsecured creditors (the "Unsecured Creditors")
under the Bankruptcy and Insolvency Act ("BIA") through KPMG Inc.
(the "Trustee"). The meeting at which the Unsecured Creditors will
vote on the Proposal is expected to be held on December 7, 2009
(the "Meeting"). The Proposal will provide, among other things, for
the distribution of $375,000 to ART's Unsecured Creditors.
The Proposal will also provide for the repayment of certain
claims of secured creditors of ART, for the cancellation of all
existing issued and outstanding equity in the capital of ART,
including any and all issued and outstanding common or preferred
shares of ART of every classes and series, and any and all
warrants, options and any agreement to purchase any of the
foregoing, and for the issuance of a new class of voting common
shares of ART, representing 100% of the new voting common shares of
ART, in favour of Dorsky. Holders of the existing equity of ART
will not receive any payment or other compensation with respect to
such equity.
These announcements follow the announcement made on November 2,
2009 that ART filed on that day a notice of intention to make a
proposal under the BIA. As authorized pursuant to an order of the
Quebec Superior Court, ART also entered into a loan agreement with
Dorsky for an interim financing of up to $1,200,000. The interim
financing was put in place to support ART's ongoing operations by
providing additional short-term liquidity to the company while
allowing KPMG LLP and ART to pursue the strategic review process
and continue soliciting purchase offers for the business and assets
of ART.
Moreover, ART was also informed today that the Autorite des
marches financiers issued a cease trade order (the "Cease Trade
Order") against ART on November 19, 2009 since ART has not filed
interim financial statements and interim management's discussion
and analysis as prescribed by National Instrument 51-102 -
Continuous Disclosure Obligations for the period ending September
30, 2009 within the time required. The Cease Trade Order requires
ART, its securityholders and any other person to cease any activity
in respect of a transaction in securities 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. 514-832-0777
Jacques Bedard Chief Financial Officer jbedard@art.ca
www.art.ca
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