Hemosol has Filed a Notice of Intention to Make a Proposal to its Creditors
24 Noviembre 2005 - 6:20PM
PR Newswire (US)
TORONTO, Nov. 24 /PRNewswire-FirstCall/ -- Hemosol Corp.
(NASDAQ:HMSLNASDAQ: TSX:NASDAQ:HML) today announced that it is
insolvent. Hemosol Corp. and Hemosol LP have filed Notices of
Intention to Make a Proposal to their creditors under the
Bankruptcy and Insolvency Act (Canada), and have appointed
PricewaterhouseCoopers Inc., a licensed trustee, to act as trustee
under the proposals. Hemosol continues discussions with its secured
creditors with respect to its current financial position. About
Hemosol Hemosol is an integrated biopharmaceutical developer and
manufacturer of biologics, particularly blood-related protein based
therapeutics. 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 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 from that technology;
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: Contact: Lee Hartwell, President
& CEO, (905) 286-6204, , 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 Tools for Investors.
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