Nov 16 2009
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, today announced that it will delay the release of its financial results for the third quarter ended September 30, 2009, considering the restructuring process that the company is currently undergoing.
As announced on November 2, 2009, ART filed on that day a notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act through KPMG Inc. ART was also authorized pursuant to an order of the Quebec Superior Court to enter into a loan agreement with Dorsky Worldwide Corp. for an interim financing of up to $1,200,000.
On October 29, 2009, ART had announced the appointment of KPMG LLP as financial advisor to assist ART in examining its available strategic options in view of the company's ongoing financial needs. 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.
Considering the process that the company is currently undergoing, there can be no assurance that the current initiatives undertaken by KPMG LLP and ART will be successful. In light of the uncertainties related to the company's ability to continue as a going concern, the interim financial statements could require material adjustments to the carrying value and classification of assets and liabilities and reported results of operations. Such adjustments could be material. Therefore, the company has decided to delay the release of its third quarter results until such time as the company will have some reasonable assurance as to the outcome of these initiatives.
ART also announced today that it has received a letter from The Toronto Stock Exchange ("TSX") indicating that the Continued Listings Committee of the TSX has determined 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") effective at the close of market on December 11, 2009. The delisting was imposed for failure by ART to meet the continued listing requirements of the TSX, as detailed in Part VII of The TSX Company Manual. Trading in ART's Securities will remain suspended.
Source ART Advanced Research Technologies Inc.
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