QUEBEC, April 1 /CNW Telbec/ - Victhom Human Bionics Inc. (("Victhom")
(TSX: VHB)) announced today that its audited annual financial statements, CEO
and CFO certification, management discussion and analysis ("MD&A") and annual
information form ("AIF") for the year ended December 31, 2008 will not be
released as scheduled on March 31, 2009. It is now anticipated that the
release of these documents will occur no later than April 30, 2009.
In announcing the delay, Mr. Normand Rivard, Acting President and Chief
Financial Officer of Victhom, indicated: "Discussions are ongoing with the
objective to complete, in the short term, a transaction to allow us to
continue our research and development activities. These discussions are
progressing well; however, at this time, we have not achieved final agreement
on such a transaction. Accordingly, this affects our ability to release our
audited financial statements. Having the interest of our shareholders in mind,
we have elected to delay the issuance of our annual audited financial
statements and related documents until such time that we have received
indications about the outcome of this possible transaction."
Let us recall that in its last interim financial statements as of
September 30, 2008, Victhom indicated that additional funding was required to
fund its activities post-June 30, 2009. Since that date, Victhom had been
investigating possibilities to secure the necessary funding to continue its
research and development activities at their current pace given the results
achieved towards bringing the Neurostep(R), a new solution for foot drop
patients, to the market.
As a result of the delay, Victhom has voluntarily requested that the
Autorité des marchés financiers and other Canadian securities regulatory
authorities issue a temporary order that prohibits certain directors, officers
and insiders of Victhom from trading in securities of Victhom for as long as
the annual financial statements, certifications and related MD&A and AIF are
not filed. The issuance of such management cease trade order does not
generally affect the ability of persons who have not been directors, officers
or insiders of Victhom to trade in their securities.
Victhom intends to provide information in accordance with National Policy
12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to
further developments on this matter promptly following their occurrence,
including the issuance of biweekly status update reports until such time as
the annual disclosure documentation is issued and filed.
Victhom intends to proceed with its annual general meeting during the
month of May and expects the results for the first quarter of 2009 to be
released at such time.
Victhom discovers, develops and manufactures bionic devices involved in
the treatment of a variety of physical and physiological dysfunctions.
Victhom's Neurobionix division focuses on the development and
commercialization of technologies and products involving implantable devices
that feature neurosensing and neurostimulation components, integrated with
artificial intelligence. Victhom's Biotronix division develops biomechatronic
products to support or replace peripheral limbs in what is known as the
orthotics and prosthetics market.
Some of the statements made herein may constitute forward-looking
statements. These statements relate to future events or our future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause Victhom's actual results, performance or achievements
to be materially different from those expressed or implied by any of Victhom's
statements. Actual events or results may differ materially. We disclaim any
intention, and assume no obligation, to update these forward-looking
For further information:
For further information: Normand Rivard, Acting President and Chief
Financial Officer, Victhom Human Bionics Inc., (418) 872-5665, Fax:
(418)864-7034, email@example.com; www.victhom.com