NORTH VANCOUVER, BC, Aug. 8 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company") announced today that the Supreme Court of British Columbia has issued an interim order (the "Interim Order") dated August 8, 2008 in connection with the previously announced proposed plan of arrangement (the "Arrangement") involving, among others, the Company, Calyx Bio-Ventures Inc. ("Calyx"), a wholly-owned subsidiary of Chromos, and Modatech Systems Inc., pursuant to which, among other things, Calyx will be the holder of all Chromos' assets, property and undertaking, together with additional cash of $2.35 million (before taking into account certain expenses relating to the transaction), and the shareholders of Chromos will hold all of the issued and outstanding shares of Calyx.
The Interim Order provides for the calling of a special meeting of shareholders of Chromos to consider the Arrangement (the "Meeting"). Subject to the approval of the shareholders at the Meeting and the satisfaction or waiver of the other conditions precedent to the arrangement, including all regulatory approvals being obtained or concluded, 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 before the end of September 2008.
The Meeting will be held on September 9, 2008 in the Main Boardroom at the offices of Fasken Martineau DuMoulin LLP, 2900 - 550 Burrard Street, Vancouver, British Columbia, V6C 0A3 at 10:00 a.m. Shareholders of record as of July 14, 2008 will be entitled to attend and vote at the Meeting.
Chromos confirmed today that, later this week or early next week, it
will be mailing to its shareholders the notice of the Meeting and a
Management Information Circular (the "Circular") in respect of the Meeting.
The notice of Meeting and Circular will also be available at
|SOURCE Chromos Molecular Systems Inc.|
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