CALGARY, Dec. 14 /CNW/ - Artevo Corporation ("Artevo" or the "Corporation") (TSX Venture: AEV) announces that a holder (the "Holder") in the principal amount of $200,000 of secured promissory notes and $600,000 of unsecured debentures has demanded the immediate repayment of all principal and interest owing under both the promissory notes and the unsecured debentures and has filed against the Corporation a statement of claim in support of such claims. In addition, counsel for the Holder has informed the Corporation that the Holder plans to bring a motion for the appointment of a receiver, and that such motion is scheduled for Friday, December 18, 2009. The Corporation has not determined what actions it will take, if any, to defend against the statement of claim or the motion to appoint a receiver.
The Corporation also announces that all four of its directors have resigned, effective immediately.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ARTEVO CORPORATION
For further information: For further information: Christopher Talbot, the President and Chief Executive Officer of Artevo Corporation at (403) 244-8123