TORONTO, March 2 /CNW/ - PricewaterhouseCoopers Inc., in its capacity as
interim receiver (the "Receiver") of the assets, property and undertaking of
Hemosol Corp. (TSX:HML) and its affiliate Hemosol LP (together, "Hemosol")
announced today that it has agreed to an extension of the date by which
certain conditions of the plan sponsorship agreement (the "Plan Sponsorship
Agreement") with 2092248 Ontario Inc. (the "Plan Sponsor") have to be met. The
Plan Sponsorship Agreement continues to be conditional upon obtaining the
approval of Hemosol's creditors and the Court on a proposed CCAA plan of
compromise. The date by which these conditions must be met has been extended
to 3:00 pm on March 16, 2007. If the proposed CCAA plan of compromise is
implemented, it will result in a substantial dilution of the equity of Hemosol
held by the shareholders existing at the time of implementation.
The Receiver also announced that the Court of Appeal released its
decisions regarding the appeal, and motion for leave to appeal, by the Plan
Sponsor of the decision of the Honourable Justice Campbell made January 22,
2007, and the related motion to quash such appeal by The Catalyst Group Inc.
("Catalyst"). The motion heard by Justice Campbell was in respect of certain
issues surrounding a memorandum of agreement entered into between the Plan
Sponsor and MDS Inc., the former secured creditor of Hemosol who assigned its
debt to Catalyst. The Court of Appeal quashed the Plan Sponsor's appeal and
denied its motion for leave.
Hemosol is an integrated biopharmaceutical developer and manufacturer of
biologics, particularly blood-related protein based therapeutics.
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.
Information in respect of the receivership is available at