Quebec Superior Court approves amended proposal filed by ART

ART Advanced Research Technologies Inc. (ART) (TSX:ARA), a Canadian medical device company specializing in optical molecular imaging products for the healthcare and pharmaceutical industries, announces that the Quebec Superior Court approved today the amended proposal (the "Proposal") filed by ART under the Bankruptcy and Insolvency Act (Canada) (the "BIA"). The Proposal provides for, amongst other terms, the distribution of the sum of $375 000 to the unsecured creditors as well as a reorganization of ART's equity pursuant to Section 191 of the Canada Business Corporations Act (the "Reorganization").

The transactions contemplated by the Proposal including the Reorganization are expected to be implemented and effective by December 11, 2009.

In consideration of the transactions contemplated under the Proposal, Dorsky Worldwide Corp. ("Dorsky") settled the claims of secured creditors of ART totaling close to $5 million and paid $375,000 to be used by ART to pay a distribution to its unsecured creditors.

Upon the implementation of the Proposal and Reorganization, all existing common and preferred shares and other equity of ART will be automatically cancelled, without payment or compensation to the holders of such shares and equity, in accordance with the terms of the Court approved Proposal. This announcement follows the announcement made on December 7, 2009 that the unsecured creditors of ART (the "Unsecured Creditors") voted unanimously in support of its Proposal under the BIA, as amended, at a meeting of Unsecured Creditors held that day.

http://www.art.ca/