ART Advanced Research Technologies Inc.

ART Advanced Research Technologies Inc.

May 01, 2008 08:30 ET

ART Advanced Research Technologies Inc. Announces the Closing of a Private Placement of US$1.1 Million in Preferred Shares


ART Advanced Research Technologies Inc. ("ART" or the "Corporation") (TSX:ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, is pleased to announce that it has closed a private placement of US$1.1 million in convertible preferred shares with private investors. ART has obtained all necessary regulatory approvals, including that of the Toronto Stock Exchange. This private placement is made without any financial intermediary. ART intends to use the net proceeds of the financing as working capital.

The private placement of an aggregate of 7,008,868 preferred shares was made at a subscription price of C$0.16 per preferred share, representing approximately 110% of the volume weighted average trading price of ART's common shares traded on the Toronto Stock Exchange for the 10 trading days immediately preceding the execution of the subscription agreements. The preferred shares are entitled to a cumulative dividend of 7% of the issue price per preferred share, payable as and when declared by the directors of the Corporation. At the option of the Corporation, the preferred shares are redeemable at the issue price plus the accrued but unpaid dividends on the preferred shares and are convertible at any time into common shares at a fixed conversion rate of 0.95 common shares for each preferred share. The Corporation may also force the conversion of the preferred shares into common shares at the conversion rate above upon the occurrence of certain events.

This press release is not an offering of securities for sale in the United States. The preferred shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.

About ART

ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is used by industry and academic leaders worldwide. The SoftScan® optical medical imaging device is designed to improve the diagnosis and treatment of breast cancer. Finally, the Fenestra® line of molecular imaging contrast products provides image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. ART is commercializing some of these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at

This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the most recent Annual Information Form and the financial statements for the year ended December 31, 2007, available on SEDAR (

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