ART Advanced Research Technologies Inc.

ART Advanced Research Technologies Inc.

November 02, 2009 16:00 ET

ART Advanced Research Technologies Inc. Secures Up to $1.2 Million in Interim Financing in Connection With the Pursuit of Its Strategic Review Process and...

...Files a Notice of Intention Under the Bankruptcy and Insolvency Act

MONTREAL, QUEBEC--(Marketwire - Nov. 2, 2009) - 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.

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, 2008, available on SEDAR (

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