Negotiations with potential purchaser continue
Monday May 29, 1:16 pm ET
TORONTO, May 29 /CNW/ - Hemosol Corp. (TSX: HML - News) confirms today that, as previously announced, negotiations are continuing between Hemosol Corp. and its affiliate Hemosol LP (collectively, "Hemosol"), acting through its interim receiver PricewaterhouseCoopers Inc. ("PwC"), and a party who has submitted an offer to acquire the assets and business of Hemosol. "It would not be appropriate at this stage of the negotiations to comment on the specifics of the transaction and the identity of the potential purchaser" says Nigel Meakin, a senior vice-president at PwC. As previously announced, if the negotiations result in a transaction, it is anticipated that plans of arrangements for Hemosol will be filed under the CCAA and the Business Corporations Act (Ontario).
At this time there is no certainty as to whether the potential acquisition will result in a transaction being completed. If a transaction is completed, there is a reasonable likelihood that any plan filed by Hemosol would result in a substantial dilution of the equity of Hemosol held by the shareholders existing at that time.
About Hemosol
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
visit Hemosol's website at www.hemosol.com. Information in respect of the receivership is available at www.pwc.com/brs-hemosol
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