MONTREAL, QUEBEC--(Marketwire - 04/08/11) - Ambrilia announces that its Directors have approved resolutions whereby the Corporation will seek permission to terminate the protection granted by the Superior Court pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") and, upon permission of the Court being granted, the Corporation will file for bankruptcy pursuant to the Bankruptcy and Insolvency Act and that Raymond Chabot inc be designated as Trustee. After their meeting, all the Directors of Ambrilia, Frederic Porte, Phil Tabbiner, Bonabes de Rouge and Faraj Nakhleh, have resigned as directors, effective immediately.
Ambrilia has been operating under the protection of the CCAA since July 31, 2009. The Toronto Stock Exchange ("TSX") has delisted the common shares (Symbol: AMB) of Ambrilia as at the close of market on March 4, 2011 for failure to meet the continued listing requirements of the TSX.
About Ambrilia Biopharma Inc.
Ambrilia Biopharma Inc. is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office is located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.
The Company is currently subject to court protection under the CCAA.