Viragen Internationalâ€™s Subsidiary, ViraNative AB, Files to Seek Bankruptcy Protection in Sweden
PLANTATION, FLORIDA â€“ September 14, 2007 â€“ Viragen andÂ its majority-owned subsidiary, Viragen International, today jointly announced that Viragen Internationalâ€™s wholly-owned subsidiary, ViraNative AB, located in UmeÃ¥, Sweden, filed an application seeking protection under the bankruptcy laws of Sweden.Â ViraNative manufactures MultiferonÂ®, a multi-subtype, human alpha interferon.
The bankruptcy application was filed in the District Court of UmeÃ¥, under Case Number K1767-07.Â The application was filed because ViraNative was unable to pay taxes and other debts.
The bankruptcy court has appointed Anders Bergman of Ackordscentralen Norrland AB as bankruptcy administrator for ViraNative.Â It is the responsibility of the administrator to inventory the assets of the bankrupt and to identify the creditors and the amount of their claims.Â The bankruptcy administrator will also seek to identify purchasers for the assets of ViraNative and process their orderly liquidation and sale in accordance with Swedish laws.Â Mr. Bergman can be reached by telephone at: +46 (0) 90-70 62 00; and by email at: [email protected].
While Viragen, Inc. continues to seek new sources of working capital to fund its operations, and the operations of Viragen International, Inc., the Companies do not intend to fund further operations of ViraNative during the bankruptcy process.Â Therefore, ViraNativeâ€™s operations may be disrupted or halted.Â Viragen, Inc. and Viragen International, Inc. are monitoring the bankruptcy proceedings but at this stage cannot predict what impact the proceedings may have on their respective operations.
About Viragen International, Inc.:
Viragen International, Inc. (OTC BB: â€œVRGEâ€) is a majority-owned subsidiary of Viragen, Inc. (OTC BB: â€œVRAIâ€), and operates through its wholly-owned subsidiary, Viragen (Scotland) Limited, located near Edinburgh, Scotland.Â Viragen Scotland is engaged in the research and development of novel therapeutic proteins that disrupt the advance of life-threatening diseases, with a focus on cancers.