Court Grants 1608557 Ontario Inc. Further Stay Extension

    TORONTO, Feb. 14 /CNW/ - PricewaterhouseCoopers Inc. in its capacity as
interim receiver (the "Receiver") of the assets, property and undertaking of
1608557 Ontario Inc. (formerly known as Hemosol Corp.) and its affiliate
Hemosol LP (collectively, "1608557") today announced that the Ontario Superior
Court of Justice granted this morning a further extension of the stay of
proceedings against 1608557. The current Companies' Creditors Arrangement Act
stay of proceedings will now expire on May 30, 2008. The further extension is
necessary to allow the Receiver to determine whether a restructuring of the
1608557 corporate shell can be achieved.

    Certain statements concerning 1608557'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: 1608557's continued
viability as a going concern; the risk that 1608557 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 1608557 with Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission. 1608557 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: Information in respect of the receivership is
available at

Organization Profile

1608557 ONTARIO INC.

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