TORONTO, Oct. 30 /CNW/ - PricewaterhouseCoopers Inc. in its capacity as
interim receiver (the "Receiver") of the assets, property and undertaking of
Hemosol Corp. and its affiliate Hemosol LP (collectively, "Hemosol") today
announced that the Ontario Superior Court of Justice granted this morning a
further extension of the stay of proceedings against Hemosol. The current
Companies' Creditors Arrangement Act stay of proceedings will now expire on
November 30, 2007. The further extension is necessary to allow the Receiver to
determine whether a restructuring of the Hemosol corporate shell can be
Hemosol is an integrated biopharmaceutical developer and manufacturer of
biologics, particularly blood-related protein based therapeutics.
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.