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ART Advanced Research Technologies Inc. Announces Unanimous Support in Favour of Its Proposal to Creditors

  //house-home.news-articles.net/content/2009/12/0 .. port-in-favour-of-its-proposal-to-creditors.html
  Published in House and Home on Monday, December 7th 2009 at 19:31 GMT by Market Wire
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MONTREAL, CANADA--(Marketwire - Dec. 7, 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, announces that its unsecured creditors
(the "Unsecured Creditors") voted unanimously in support of its proposal (the "Proposal") under the Bankruptcy and Insolvency Act (the "BIA"), as amended, at a meeting of Unsecured Creditors held today (the "Meeting").

Following the filing of an amended Proposal at the Meeting, the terms of which do not affect the distribution of the $375,000 available to ART's Unsecured Creditors, the Unsecured Creditors of ART voted in favor of the amended Proposal, with 100% of the votes cast supporting the Proposal.

ART is scheduled to seek court approval of the amended Proposal on December 9, 2009.

This announcement follows the announcement made on November 20, 2009 that ART entered on that day into an agreement today with Dorsky Worldwide Corp. to restructure ART's balance sheet and share capital and position it to continue in business. As contemplated in that agreement, ART filed on November 23, 2009 its Proposal to its Unsecured Creditors under the BIA through KPMG Inc.

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 and its restructuring, visit our website at [ www.art.ca ]

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 ([ www.sedar.com ]).