Published on November 2, 2009 at 11:52 PM
ART Advanced Research Technologies Inc. (ART) (TSX:ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, announced that earlier today it filed a notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act with KPMG Inc. in order to provide the company with the liquidity it requires to pursue its solicitation process. ART was also authorized pursuant to an order of the Quebec Superior Court to enter into a loan agreement with Dorsky Worldwide Corp. for interim financing in an amount of up to $1,200,000.
The announcement follows the hiring of KPMG LLP as financial advisor to assist ART in examining its available strategic options, previously announced on October 29, 2009, and KPMG LLP's analysis as to the best way to proceed during the strategic review process in view of ART's ongoing financial needs. The new financing will support ART's business continuity by providing additional short-term liquidity while KPMG LLP and ART pursue the strategic review process and continue soliciting purchase offers for the business and assets of ART.
Source ART Advanced Research Technologies Inc.