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. 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.
Isolagen, Inc.
CONTACT: Sue White of Isolagen, Inc., +1-484-713-6023
Web Site: http://www.isolagen.com/
