Navigation Links
Chromos announces shareholder approval of Arrangement
Date:9/9/2008

NORTH VANCOUVER, BC, Sept. 9 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company") announced today that, at an annual and special meeting held today, its shareholders approved the previously announced plan of arrangement (the "Arrangement") involving, among others, Chromos, Calyx Bio-Ventures Inc. ("Calyx"), a wholly-owned subsidiary of Chromos, and Modatech Systems Inc. ("Modatech") under section 288 of the Business Corporations Act (British Columbia).

Upon completion of the Arrangement, Calyx will be the holder of all of the assets, property and undertaking of Chromos, together with additional cash of $2.35 million (before taking into account certain expenses relating to the transaction), and will be responsible for all of Chromos' obligations up to the effective time of the Arrangement. Furthermore, among other things, the shareholders of Chromos will hold all of the issued and outstanding shares of Calyx and all of the Class A voting preferred shares of an entity to be formed by the amalgamation of Modatech and 0828688 B.C. Ltd., a corporation which is currently a wholly-owned subsidiary of Chromos. Such shares will be entitled to an annual cumulative dividend of 6% per year of the retraction price and are retractable by the holder at any time after August 31, 2013 at a price of $0.056401 per share, for an aggregate retraction price of $500,000 to the shareholders of Chromos, plus dividends accrued up to such date.

The special resolution approving the Arrangement was approved by approximately 99.83% of the votes cast by holders of common shares. Final voting results will be made available on SEDAR at http://www.sedar.com.

The Arrangement remains subject to court and customary regulatory approvals and the hearing in respect of the final order to approve the Arrangement is currently scheduled to take place on September 11, 2008, with completion of the transaction anticipated to be on or about September 18, 2008.

Forward-Looking Statements

Certain statements in this news release may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements or information include, without limitation, statements or information about the timing and success of application to obtain approvals required with respect to the Arrangement. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include amongst others the risks and uncertainties involved in satisfying the conditions to close the Arrangement. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information.

Although we have attempted to identify factors that may cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. As actual results and future events could differ materially from those anticipated in such statements and information, readers should not place undue reliance on forward-looking statements or information. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. All forward-looking statements and information made herein are qualified by this cautionary statement.


'/>"/>
SOURCE Chromos Molecular Systems Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. New Initiative Has Shocking Effect: Thousands of Missourians with Abnormal Chromosome Structures Are Not Human
2. Chromos enters into loan and lending arrangements
3. Chromos provides shareholder update
4. Chromos Announces Full Revocation of Cease Trade Orders
5. Chromos enters into an Arrangement Agreement
6. Chromos obtains interim order in connection with arrangement, announces annual and special meeting of shareholders and confirms mailing of information circular
7. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients
8. YM BIOSCIENCES ANNOUNCES COMPLIANCE WITH AIM RULE 26
9. Emisphere Technologies, Inc. Announces Pricing of Registered Direct Offering
10. BioLife Solutions Announces Exclusive CryoStor(TM) Supply Agreement With the New England Cryogenic Center, Inc.
11. Carrington Announces Nasdaq Communication; Prepares for Shares to Be Quoted on the OTC Bulletin Board and Pink Sheets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... Spain , Dec. 8, 2016  Anaconda BioMed ... the development of the next generation neuro-thrombectomy system for ... appointment of Tudor G. Jovin, MD to join its ... serve as a strategic network of scientific and clinical ... the development of the ANCD BRAIN ® to ...
(Date:12/8/2016)... ... December 08, 2016 , ... ... launch of flexible packaging for their exceptionally efficient human mesenchymal stem/stromal cell ... RoosterBio’s portfolio of bioprocess media products engineered to radically streamline culture processes, ...
(Date:12/8/2016)... , ... December 08, 2016 , ... This CAST literature ... for biotech crops. The authors focus on the economic effects in countries that are ... of new biotech crops and the resultant risk of low level presence (LLP) puts ...
(Date:12/8/2016)... , Dec. 8, 2016 Soligenix, Inc. ... company focused on developing and commercializing products to treat ... announced today that it will be hosting an Investor ... ET on the origins of innate defense regulators (IDRs) ... review of oral mucositis and the recently announced and ...
Breaking Biology Technology:
(Date:11/17/2016)... CITY OF INDUSTRY, Calif. , Nov. 17, 2016  AIC announces that it ... about using NVMe storage servers in organizations that require high-performance scale-out plus high speed data transfer ... ... ... Setting ...
(Date:11/15/2016)... 15, 2016  Synthetic Biologics, Inc. (NYSE MKT: ... on the gut microbiome, today announced the pricing ... of its common stock and warrants to purchase ... price to the public of $1.00 per share ... from the offering, excluding the proceeds, if any ...
(Date:11/14/2016)... SARASOTA, Fla., Nov. 14, 2016  xG Technology, Inc. ... in providing critical wireless communications for use in challenging ... ended September 30, 2016. Management will hold a conference ... at 5:00 p.m. Eastern Time (details below). ... announced a $16 million binding agreement to acquire Vislink ...
Breaking Biology News(10 mins):