IRVINE, Calif., May 7 /PRNewswire/ -- ALUS Liquidation Corp. (formerly known as Alsius Corporation) today announced that its Board of Directors has approved a second liquidating distribution in the amount of $0.06 per share of common stock. This distribution, together with the initial distribution of $0.30 per share of common stock made on or about July 7, 2009, brings total distributions to $0.36 per share of common stock, which equals the company's previously reported estimate. The distribution is expected to be made promptly following the date of this announcement to the former stockholders of the company. The distribution is being made following the one year anniversary of the sale of Alsius' assets to ZOLL Circulation, Inc. on May 4, 2009. At the one year anniversary, the claim period for indemnity under the purchase agreement with ZOLL expired without any claims having been made. As a result, in the current distribution the company will release to former stockholders $1 million that it held to satisfy potential indemnity claims, together with approximately $0.3 million collected on accounts receivable, in accordance with the plan of dissolution approved by Alsius' stockholders.
ALUS continues to retain funds to satisfy certain remaining obligations, primarily its Irvine, California, facilities lease, which terminates December 31, 2011. If the company can sublet the facility or otherwise generate income or reduce expenses, an additional amount could be available for a third and final distribution to former stockholders, though this is not anticipated, and if it occurred, would not be expected to exceed $0.02 per share.
Stockholders who held their shares through a bank, broker or other entity will have their brokerage account credited with their allocation of the distribution with no further action required on the stockholders' behalf. Stockholders who held their shares in certificated form and who have properly surrendered their stock certificates to the transfer agent will be mailed a check for the distribution to the address on file with the transfer agent.
About ALUS Liquidation Corp.
ALUS Liquidation Corp., in Irvine, Calif., was a medical device company known as Alsius that developed, manufactured and sold proprietary products to precisely control patient temperature. On May 4, 2009, ALUS sold the assets constituting this business to ZOLL Circulation, an affiliate of ZOLL Medical . ALUS filed a certificate of dissolution with the Delaware Secretary of State on May 5, 2009 and is now completing the process of winding down its affairs.
Certain statements contained in this press release and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
For further information contact: Andrew Wade ALUS Liquidation Corp. (949) 753-1819
ALUS Liquidation Corp.
CONTACT: Andrew Wade of ALUS Liquidation Corp., +1-949-753-1819
