Hemosol Announces Filing of Application to Appoint Receiver and Resignation of Directors
02 Dezember 2005 - 2:00PM
PR Newswire (US)
TORONTO, Dec. 2 /PRNewswire-FirstCall/ -- Hemosol Corp.
(NASDAQ:HMSLNASDAQ: TSX:NASDAQ:HML) announced that
PricewaterhouseCoopers Inc., in its capacity as trustee under the
Notices of Intention to Make a Proposal of Hemosol Corp. and
Hemosol LP dated November 24, 2005, is filing today an application
with the Ontario Superior Court of Justice returnable December 5,
2005 seeking, among other things, an order appointing
PricewaterhouseCoopers Inc. as the interim receiver over the
property, assets and undertaking of Hemosol Corp. and Hemosol LP
and approving interim financing by Hemosol's secured creditors in
the amount of $2.0 million. Hemosol Corp. also announced that all
of its directors have tendered their resignations from the board of
directors. About Hemosol Hemosol is an integrated biopharmaceutical
developer and manufacturer of biologics, particularly blood-related
protein based therapeutics. For more information, visit Hemosol's
website at http://www.hemosol.com/. The common shares of Hemosol
are listed on the NASDAQ Stock Market under the trading symbol
"HMSL" and on the TSX under the trading symbol "HML". 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 ability to
successfully implement the Cascade technology and commercialize
products derived from that technology; Hemosol's ability to obtain
additional financing which is critical to the implementation of the
Cascade technology and to Hemosol's continued viability as a going
concern; Hemosol's ability to obtain regulatory approvals for its
products; Hemosol's ability to successfully complete clinical
trials for its products; Hemosol's ability to enter into
satisfactory arrangements for the supply of materials used in its
manufacturing operations and the sale of resulting products to
customers; technical, manufacturing or distribution issues; the
competitive environment for Hemosol's products and services; the
degree of market penetration of Hemosol's products; Hemosol's
ability to attract and retain clients for its bio-manufacturing
services; the risk that Hemosol may not become profitable; 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.
DATASOURCE: Hemosol Corp. CONTACT: Lee Hartwell, Chief Executive
Officer, Hemosol Corp., (905) 286-6200; Carolyn Forest,
PricewaterhouseCoopers Inc., (416) 814-5730; Archived images on
this organization are searchable through CNW Photo Archive website
at http://photos.newswire.ca/. Images are free to accredited
members of the media. To request a free copy of this organization's
annual report, please go to http://www.newswire.ca/ and click on
Tools for Investors.
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