TORONTO, April 30 /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 Thursday, April 26,
2007 the Ontario Superior Court of Justice granted a further extension of the
stay of proceedings against Hemosol. The current Companies' Creditors
Arrangement Act stay of proceedings will now expire on May 25, 2007. The
further extension was required to provide additional time for the Interim
Receiver to consider whether potential restructuring options continue to exist
and, if so, determine appropriate next steps toward the completion of
Hemosol is an integrated biopharmaceutical developer and manufacturer of
biologics, particularly blood-related protein based therapeutics.
For more information visit Hemosol's website at www.hemosol.com.
Information in respect of the receivership is available at
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