Isolagen, Inc. Announces Filing of Voluntary Petition Under Chapter 11 of the Bankruptcy Code
June 16 2009 - 5:52PM
PR Newswire (US)
Isolagen, Inc. Receives Delisting Notice from NYSE Amex EXTON, Pa.,
June 16 /PRNewswire-FirstCall/ -- Isolagen(TM), Inc. (NYSE Amex:
ILE) today announced that on June 15, 2009, the Company and
Isolagen Technologies, Inc., the Company's wholly owned subsidiary,
each filed a voluntary petition for reorganization under chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware in Wilmington. The
Company and Isolagen Technologies intend to continue to manage and
operate their business as debtors in possession pursuant to the
Bankruptcy Code. On June 10, 2009, the Company received a notice
from the NYSE Amex that it intends to delist the Company's common
stock from listing on the NYSE Amex, which delisting determination
will be final approximately seven days from the receipt of such
notification if the Company determines not to appeal such decision.
The Company does not believe it has any reasonable basis to appeal
the decision, and, as such, it does not intend to appeal the
decision. As such, the Company expects the NYSE Amex to file an
application with the SEC to strike the Company's common stock from
listing and registration on the NYSE Amex on or about June 18,
2009, which delisting would become effective on or about June 29,
2009. The NYSE Amex notice stated that the Company is not in
compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide
(the "Company Guide"). Specifically, the staff noted that the
Company sustained losses which are so substantial in relation to
its overall operations or its existing financial sources that is
appears questionable, in the opinion of the NYSE Amex, as to
whether the Company will be able to continue operations and/or meet
its obligations as they mature. The staff also stated the Company
was not in compliance with Sections 1003 (a)(i)-(iii) of the
Company Guide, which require the Company to maintain shareholders'
equity of $6,000,000. About Isolagen, Inc. Isolagen(TM), Inc.
(AMEX:ILEAMEX:-AMEX:News) is an aesthetic and therapeutic company
committed to developing and commercializing scientific advances and
innovative technologies. The company's technology platform includes
the Isolagen Process(TM), a cell processing system for skin and
tissue rejuvenation which is currently in clinical development for
a broad range of aesthetic and therapeutic applications including
wrinkles, acne scars, burns and periodontal disease. Isolagen also
commercializes a scientifically-advanced line of skincare systems
through its majority-owned subsidiary, Agera(R) Laboratories, Inc.
For additional information, please visit http://www.isolagen.com/.
Isolagen Forward Looking Statements All statements in this news
release that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements in this press release, include, without limitation, the
timing of the delisting of the Company's common stock from NYSE
Amex. While management has based any forward-looking statements
contained herein on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of our
control, that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth under
Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K
for the year ended December 31, 2008, as updated in "Item 1A. Risk
Factors" in the Company's Quarterly Reports on Form 10-Q filed
since the annual report. We operate in a highly competitive and
rapidly changing environment, thus new or unforeseen risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise any forward-looking statements. Readers are also urged to
carefully review and consider the other various disclosures in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008, as well as other public filings with the SEC since such
date. DATASOURCE: Isolagen, Inc. CONTACT: Sue White of Isolagen,
Inc., +1-484-713-6023 Web Site: http://www.isolagen.com/
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