MONTREAL, April 26, 2007 (PRIME NEWSWIRE) -- Viropro Inc. (OTCBB:VPRO) ("Viropro") announced today 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). Viropro made an 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 failure to answer or otherwise defend as to Viropro's Complaint. The court found good cause for the application and granted the default judgment. The court ordered the following from the above-referenced Third-Party defendants:
1. Each Third-Party Defendant is ordered to transfer and return to Viropro or its duly authorized agent for cancellation 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).
2. In the event that any such original stock certificate of Viropro common stock is not returned to Viropro in accordance with Paragraph 1, above, 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.
In addition, the court ordered that the Third-Party Defendants are enjoined from: (1) altering or disposing of any of their books and records or any documents relating to Viropro's Third-Party Complaint against them; (2) engaging in any transfer of the securities of Viropro for or on behalf of any other person or entity; (3) deceiving any person regarding the transfer of the securities of Viropro; and (4) directly or indirectly transferring the securities or other property of Viropro.
As is stated above, if the original stock certificates are not returned to Viropro within thirty days of the Order, Judgment will be entered for the cash value of the shares. 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:
Third-Party Defendant Improperly Value of improperly
received received Viropro
Viropro Shares Shares ($)
(Quantity)
Trivor Investment and
Management Co. 3,000,000 1,130,000
4183827 Canada, Inc. 82,000 35,260
9134-6023 Quebec, Inc. 671,600 119,764
Andre Elkain 275,000 89,750
Susan Reinharz 275,000 79,500
Jonathan Abenhaim 151,000 49,830
Simon Librati 20,000 7,000
Sinai Academy 47,000 16,450
Total from all Third-Party
Defendants 4,521,600 1,527,554
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.