MONTREAL, June 5, 2007 (PRIME NEWSWIRE) -- On April 26, 2007, Viropro Inc. (OTCBB:VPRO) ("Viropro") announced that the United States District Court, District of Nevada entered an Order for Judgment in 4174551 Canada Inc. v. Viropro, Inc. (Case No. 2:06-cv-00739-RCJ-RJJ) on Viropro' s application to the court for default judgment against third party defendants, Trivor Investment & Management Corp., Albert Delmar, Sinai Academy, Simon Librati, Jonathan Abenhaim, Susan Reinharz, Andre Elkain, 9134-6023 Quebec, Inc. and 4183827 Canada, Inc. for their failure to answer or otherwise defend as to Viropro's Third-party Complaint. The court found good cause for the application and granted the default judgment. The court ordered, among other things, that the above-referenced Third-Party defendants transfer and return to Viropro and return to treasury, the original stock certificates of Viropro common stock within thirty (30) days from the date of the Order (issued on April 19, 2007).
The 30 day time period allotted to the Third-Party Defendants to return the stock certificates to Viropro has expired as of May 19, 2007, and no original stock certificates have been returned by any Third-Party Defendant. Therefore, the second paragraph of the Order for Judgment, as follows, now applies and the Third-Party Defendants are liable for the value of the applicable shares of stock:
In the event that any such original stock certificate of Viropro common stock is not returned to Viropro (within thirty days of the Order) Judgment is entered in favor of Viropro and against the Third-Party Defendants, jointly and severally, for the value of the shares of stock of each such original stock certificate not returned, which value shall be based upon the close price of VIROPRO stock on the issue date of the respective certificate(s) of stock not returned.
The following is a summary of the cash value of the shares improperly transferred to the Third-Party Defendants, based on the close price of Viropro stock on the issue date:
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Third-Party Defendant Improperly Value of
received improperly
Viropro received
Shares Viropro
(Quantity) Shares (US$)
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Trivor Investment and Management Co. 3,000,000 1,130,000
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4183827 Canada, Inc. 82,000 35,260
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9134-6023 Quebec, Inc. 671,600 119,764
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Andre Elkain 275,000 89,750
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Susan Reinharz 275,000 79,500
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Jonathan Abenhaim 151,000 49,830
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Simon Librati 20,000 7,000
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Sinai Academy 47,000 16,450
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Total from all Third-Party Defendants 4,521,600 $1,527,554
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About Viropro Inc.
Viropro Inc. conducts operations through its subsidiary Viropro International Inc., whose Head Office is located in Montreal, Canada. Viropro is a rapidly expanding biopharmaceutical company specializing in the transfer of its technologies for industrial production of biogeneric therapeutic proteins, excluding therapeutic vaccines, for the treatment of various diseases including cancer, diabetes, hepatitis or multiple sclerosis. The company(s principal objective is to bring about the transfer of technology to pharmaceutical companies in emerging markets with unmet medical needs such as in South America, Asia and Africa. To expand its range of expertise in biopharmaceuticals excluding therapeutic vaccines, Viropro has concluded strategic alliances with various scientific and business partners renowned in national and international spheres. Viropro(s business model rests on a strategy aimed at generating recurrent short and long-term revenues, all while maximizing the value of assets and profits of its shareholders.
For more information on Viropro Inc., please visit our website at www.viropro.com
Viropro Inc. Safe Harbor Statement
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward-looking statements". Forward-looking statements in this release may be identified through the use of such words as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors.