Artevo announces issuance of promissory note and cancellation of options


    CALGARY, May 1 /CNW/ - Artevo Corporation. ("Artevo" or the
"Corporation") announces that it has received as a loan, $100,000 (the "Loan")
from a Senior Officer and shareholder of the Corporation. The purpose and
business reason for the Loan is to further the Corporation's stake in the
production, marketing and distribution of collectable fine art products. The
anticipated effect of the Loan on the Corporation's business and affairs is to
permit the Corporation to continue its current projects while it continues its
efforts to secure further working capital for its current and future projects.
    The Loan is payable on demand with an interest rate of 15% per annum. The
interest will be calculated on a monthly basis on any outstanding portions of
the Loan and is to be paid on the first day of each month. Pursuant to the
terms of the Loan, the Corporation may re-pay the Loan at any time without
repayment or penalties. The Loan has been secured by a general security
agreement and the Lender was issued a promissory note for the amount of the
    The Loan is considered a "related party transaction" pursuant to
Multilateral Instrument 61-101 ("MI 61-101"). On March 2, 2009, the directors
of the Corporation unanimously approved the Loan. The Loan is exempt from the
related party transaction requirements of MI 61-101 as the size of the Loan is
less than 25% of the market capitalization of the Corporation pursuant to
sections 5.5 (a) and 5.7 (a) of MI 61-101. The material change report in
respect of this related party transaction was not able to be filed a minimum
of 21 days before the advance of the funds with respect to the Loan, as
stipulated in MI 61-101. However, due to the uncertainty of current market
conditions, the Corporation considers the shortened timeframe reasonable and
necessary in the present circumstances.
    The Company also advises that it has cancelled 290,000 outstanding
options to purchase common shares previously issued to the certain directors,
officers and employees of the Corporation, subject to applicable regulatory
    Artevo is a technology driven company focused on the production,
marketing and distribution of collectable fine art products.
    The Corporation is headquartered in Calgary, Alberta. For further
information contact Christopher Talbot, the President and Chief Executive
Officer of Artevo at (403) 244-8123.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

    Reader Advisory

    "This news release contains certain forward-looking statements, which
include assumptions with respect to future operations. The reader is cautioned
that assumptions used in the preparation of such information may prove to be
incorrect. All such forward looking statements involve substantial known and
unknown risks and uncertainties, certain of which are beyond Artevo's control.
Such risks and uncertainties include, without limitation, risks associated
with, currency fluctuations, competition from other companies, ability to
access sufficient capital from internal and external sources, the impact of
general economic conditions in Canada, the United States and overseas,
industry conditions, changes in laws and regulations and changes in how they
are interpreted and enforced, increased competition, the lack of availability
of qualified personnel or management, fluctuations in foreign exchange or
interest rates, stock market volatility and market valuations of companies
with respect to announced transactions and the final valuations thereof, and
obtaining required approvals of regulatory authorities. Artevo's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits, including the amount of proceeds, that the Corporation will
derive there from. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to Artevo or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and Artevo does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws."

    %SEDAR: 00025100E

For further information:

For further information: Artevo Corporation, Christopher Talbot
President and CEO, T (403) 244-8123, C (403) 397-1744,

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