TORONTO, March 26 /CNW/ - PricewaterhouseCoopers Inc. in its capacity as
interim receiver (the "Interim Receiver") of the assets, property and
undertaking of Hemosol Corp. ("Corp") and its affiliate Hemosol LP ("LP", and
together with Corp, "Hemosol") today announced that on Friday, March 23, 2007
the Ontario Superior Court of Justice (the "Court") granted a further
extension of the stay of proceedings against Hemosol. The current Companies'
Creditors Arrangement Act ("CCAA") stay of proceedings will now expire on
April 27, 2007. The further extension was required, amongst other things, to
provide additional time for the Interim Receiver and the principal
stakeholders of Hemosol to consider available options and to determine and
take the appropriate next steps toward the completion of Hemosol's
The Interim Receiver today also announced that on Friday, March 23, 2007,
the Court ratified and approved the execution by the Interim Receiver of a
super-priority revolving financing facility term sheet with Hemosol's existing
primary secured creditor, Catalyst Fund Limited Partnership II, which will
provide additional financing of up to $1,000,000.00 for Hemosol's proceedings
under the CCAA.
Hemosol is an integrated biopharmaceutical developer and manufacturer of
biologics, particularly blood-related protein based therapeutics.
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 continued
viability as a going concern; the risk that Hemosol may not become profitable;
the Receiver's ability to complete a transaction pursuant to the terms of the
Order; 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.
For further information:
For further information: visit Hemosol's website at www.hemosol.com;
Information in respect of the receivership is available at