Closing of the First Tranche of the US$2 Million Financing
Appointment of Two Board Members
MONTREAL, March 19, 2008 (PRIME NEWSWIRE) -- Viropro Inc. (OTCBB:VPRO) is pleased to announce the nomination of Mr. Serge Beausoleil as President of Viropro as of March 7th, 2008. Mr. Beausoleil's extensive experience in business management and in corporate financing will be a great asset to Viropro. One of the New Management teams' first objectives was to close the US$ 400,000 First Tranche of the US$ 2 million Term Loan Financing announced on March 11, 2008. The closing occurred as of March 15, 2008. The second Tranche is expected to be closed no later than March 31st, 2008. Mr. Beausoleil is also proud to announce the appointment of Mr. Emilio S. Binavince, and Claude Gingras as members of the company's Board of Directors. Mr. Binavince is a world renowned lawyer in international trade, business and tax planning, government litigation, and human rights in various countries such as Canada and the United States, Asia, and Europe. Mr. Gingras is a consultant in financial engineering, corporate restructuring and legal documentation. He has pertinent experience with several Canadian listed companies and has been involved in all areas of financing for over 25 years.
"Viropro's know-how is well recognized in the industry. This Closing reflects shareholders' confidence in the Company and it will allow Viropro to re-launch the development of its first biotherapeutic product," stated Mr. Serge Beausoleil, President of Viropro. "The Closing of this First Tranche was the first objective of our Turnaround Plan and we are very optimistic about the future," added Mr. Beausoleil.
"We are very proud Mr. Binavince accepted to join our Board of Directors," said Mr. Beausoleil, President of Viropro. "His vast experience in various fields of activities at national and international levels will greatly benefit Viropro as it implements its business and growth strategy on international markets," added Mr. Beausoleil.
"I am enthusiastic to join Viropro as Board Member. The company has a very interesting and low cost business model and my experience working at the international level should help focus the signature of additional and significant deals with international partners in," stated Mr. Binavince.
Newly appointed Board Members held their first meeting on March 18th and appointed Mr. Serge Beausoleil as Chairman of the Board of Viropro.
About Mr. Serge Beausoleil
Mr. Serge Beausoleil worked for over 12 years in the field of Canadian Securities. He has held various positions at Levesque Beaubien Geoffrion (Financiere Banque Nationale), Burns Fry Ltd (Nesbitt Burns), Valeurs Mobilieres Dubeau and finally with CIBC Financial Planning Inc as an Investment Specialist. Mr. Beausoleil is a successful Entrepreneur, having done well in personal businesses, who likes to face new challenges. His previous experience brings strong expertise in the fields of Finances, Business Management, Sales management, establishment of marketing strategies, partnership agreements and strategic alliance negotiations as well as in communications.
Mr. Beausoleil holds a B.B.A. and a M.Sc. in Economics. He has previously held titles of Chartered Administrator (Adm. A.), Quebec Institute of Financial Planning (Fin. Pl.), as well as the title of Fellow of the Canadian Securities Institute (F.C.S.I.)
About Mr. Emilio S. Binavince
Mr. Binavince, counsel to the law offices of France Viele, was formerly a partner in Gowling, Strathy & Henderson. He was educated in the Philippines (LL.B.), United States (M.C.L., Tulane, LL.M., Harvard) and Germany (Doctoral Studies, Bonn). He is a member of the Bars of Ontario, Saskatchewan and the Philippines. He was the founding chairman, Joint MBA/LL.B. Program and co-Director of the Graduate Faculty of Law at the University of Ottawa. He has over thirty years experience as a lawyer and has appeared as counsel at all levels of the legal system including the Supreme Court of Canada and various administrative tribunals.
Mr. Binavince is active as advisor, corporate director, and legal counsel on business and tax matters of foreign investors and ethnic communities in Canada and of Canadian investors in foreign countries, particularly in the Far East.
He is author of numerous articles and books in his area of practice and interest, and specializes in business and tax planning, and, government litigation.
About Mr. Claude Gingras
For more than 20 years, Mr. Gingras worked in the securities industry where he has occupied higher management positions. Over the last 10 years, Mr. Gingras has acted as consultant in financial engineering, corporate restructuring and legal documentation. He has also developed and materialized sophisticated investment products such as Small Business Investment Trusts.
Since 2003, Mr. Gingras has been involved with several Canadian listed companies where he has successfully structured several millions of dollars in financing.
Mr. Gingras has graduated in Economics from Laval University and has also held the title of Fellow of the Canadian Securities Institute (F.C.S.I.)
About Viropro Inc.
Viropro Inc. conducts operations through its subsidiary Viropro International Inc., which has its Head Office in Montreal, Canada. Viropro is a rapidly expanding biopharmaceutical company specialized in technology transfer of industrial manufacturing processes for biosimilars for the treatment of various diseases including cancer, diabetes, hepatitis or multiple sclerosis. The company's principal objective is to bring about technology transfer 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, 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.
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.
For more information on Viropro Inc., please visit our website on www.viropro.com