LAVAL, QUEBEC--(Marketwire - Feb. 21, 2011) - LAB Research Inc. ("LAB Research" or the "Company") (TSX:LRI), a Canadian-based global non-clinical contract research organization, today announced that its main Canadian lender (the "Lender") has obtained an Order from the Commercial Chamber of the Superior Court of Laval appointing Samson Belair Deloitte and Touche ("SBDT") to act as Receiver pursuant to section 243 of the Bankruptcy and Insolvency Act, R.S.C. (1985) ch. B-3 (the "Receiver Order"). Further to the Receiver Order, the remaining directors of the Company resigned and SBDT took control of the operations of the Company. According to the motion filed by the Lender in support of the Receiver Order, the Receiver intends to solicitate/entertain offers on the assets of the Company with a view to complete a transaction with a potential acquirer/investor in the best delay, preferably on a going concern basis.
On February 2, 2011, the Company announced the execution of a non-binding letter of intent with a US based private equity group. The purchaser has informed the Company that it is no longer interested in completing the transaction pursuant to the terms and conditions set out in the letter of intent.
Certain statements in this document are forward looking and prospective. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers of this document are cautioned not to place undue reliance on our forward-looking statements as a number of factors could cause future results, conditions, actions, or events to differ materially from the operating target, expectations, estimates, or intentions expressed in the forward-looking statements. For additional information on these and other factors, see the reports filed by LAB Research with Canadian securities regulators.
Forward-looking statements reflect our current views with respect to future events and are based upon what we believe are reasonable assumptions and subject to risks and uncertainties. These forward-looking statements represent our estimates and assumptions only as at the date of this document. We undertake no obligation and do not intend to update or revise these forward-looking statements, unless required by law.
About LAB Research Inc.:
LAB Research is a Canadian global non-clinical contract research organization that provides contract research services to the pharmaceutical, biotechnology, agro-chemical, petro-chemical and industrial markets. LAB Research supports the development of its customers' products from three state-of-the-art facilities located in Canada, Denmark and Hungary.
LAB Research's shares trade on The Toronto Stock Exchange ("TSX") under the symbol "LRI", with 52.7 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB Research Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
For further information visit LAB Research's website at www.labresearch.com.