DUSSELDORF, Germany, March 3 /CNW/ - High Tech Beteiligungen GmbH & Co. KG ("HighTech"), a private equity fund, announces today that it is preparing for the required wind up of the fund by December, 2011. As a result, HighTech is exploring its options with respect to its holdings in Lorus Therapeutics Inc. ("Lorus") and its other portfolio companies, which could include, among other things, the divestment of its holdings (whether in one transaction or gradually over time), a distribution of its holdings to HighTech's investors, or a combination of the foregoing. HighTech also announces that due to the requirement to wind up the fund, on March 3 2010, HighTech's nominee to the board of directors ("Board") of Lorus, Mr. Georg Ludwig, resigned from his position as director with immediate effect. As a result of Mr. Ludwig's resignation, HighTech no longer has any nominees serving as director of Lorus, nor has HighTech appointed any observers to the Board. HighTech does not intend at this time to designate a nominee to the Board or to appoint an observer to the Board, however it reserves its right to do so in the future.
HighTech's holdings in Lorus have not changed as a result of the events described above and, as of March 3, 2010, HighTech beneficially owns a total of 36,362,500 common shares of Lorus ("Common Shares"), or 39,998,750 Common Shares assuming the exercise in full of the 3,636,250 common share purchase warrants (each, a "Warrant") held by HighTech. Accordingly, HighTech beneficially owns approximately 12.2% of the issued and outstanding Common Shares (or 13.2% of the Common Shares assuming the exercise in full of the Warrants held by HighTech), based on a total of 298,009,677 Common Shares outstanding as of January 13, 2010 as reported by Lorus in its Management's Discussion & Analysis for the three month period ended November 9, 2009 filed on SEDAR on January 14, 2010 and available at www.sedar.com.
In addition to the actions described above, HighTech may in the future take such actions in respect of its holdings of securities of Lorus as it deems appropriate in light of circumstances then existing, including the acquisition or disposition of Common Shares or other securities of Lorus. HighTech may from time to time acquire additional Common Shares in the open market or in privately negotiated transactions, subject to availability of Common Shares at prices deemed favourable, Lorus' business or financial condition and other factors and conditions HighTech deems appropriate at the relevant time. In addition, HighTech may formulate other purposes, plans or proposals regarding Lorus or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors.
The general partner of HighTech is High Tech Private Equity GmbH. HighTech is represented in connection with its investment in Lorus through its representative ConPharm Anstalt, on authority delegated by the general partner. ConPharm Anstalt is the entity with management power in respect of investments of HighTech outside of Germany in the life sciences industry. The general partner of HighTech is controlled by Triginta Capital GmbH, an entity organized under the laws of Germany.
The issuance of this news release is not an admission that any entity named in this news release is a joint actor with any other entity named in this news release.
HighTech founded in 1999, is a leading European venture capital fund focused exclusively on providing financial support for the development of innovative products based upon applied technologies and life sciences. HighTech manages its funds from offices in Germany and Liechtenstein. For information about HighTech please refer to www.triginita-capital.com. Life sciences companies in the HighTech portfolio have development programs in neurology, rheumatology and oncology and are managed by professionals with both operational and strategic experience within these areas.
SOURCE HIGH TECH BETEILIGUNGEN GMBH & CO. KG
For further information: For further information: including a copy of the early warning report that will be filed by HighTech pursuant to applicable Canadian securities laws, contact: Georg Ludwig, Managing Partner, High Tech Beteiligungen GmbH & Co. KG, Steinstrasse 20, 40212 Dusseldorf, Germany, +49 211 86 28 94 60; Georg Ludwig, Managing Director, ConPharm Anstalt, Grossfeld 10, FL 9492 Eschen, Principality of Liechtenstein, +41 78 733 0423