PLANTATION, Fla., Sept. 14 /PRNewswire-FirstCall/ -- Viragen, Inc. (OTC
Bulletin Board: VRAI) and its majority-owned subsidiary, Viragen
International, Inc. (OTC Bulletin Board: VRGE), today jointly announced
that Viragen International's wholly-owned subsidiary, ViraNative AB,
located in Umea, Sweden, filed an application seeking protection under the
bankruptcy laws of Sweden. ViraNative manufactures Multiferon(R), a
multi-subtype, human alpha interferon.
The bankruptcy application was filed in the District Court of Umea,
under Case Number K1767-07. The application was filed because ViraNative
was unable to pay taxes and other debts.
The bankruptcy court has appointed Anders Bergman of Ackordscentralen
Norrland AB as bankruptcy administrator for ViraNative. It is the
responsibility of the administrator to inventory the assets of the bankrupt
and to identify the creditors and the amount of their claims. The
bankruptcy administrator will also seek to identify purchasers for the
assets of ViraNative and process their orderly liquidation and sale in
accordance with Swedish laws. Mr. Bergman can be reached by telephone at:
+46 (0) 90-70 62 00; and by email at: anders.bergman@ackordscentralen.se.
While Viragen, Inc. continues to seek new sources of working capital to
fund its operations, and the operations of Viragen International, Inc., the
Companies do not intend to fund further operations of ViraNative during the
bankruptcy process. Therefore, ViraNative's operations may be disrupted or
halted. Viragen, Inc. and Viragen International, Inc. are monitoring the
bankruptcy proceedings but at this stage cannot predict what impact the
proceedings may have on their respective operations.
About Viragen International, Inc.:
Viragen International, Inc. (OTC BB: "VRGE") is a majority-owned
subsidiary of Viragen, Inc. (OTC BB: "VRAI"), and operates through its
wholly- owned subsidiary, Viragen (Scotland) Limited, located near
Edinburgh, Scotland. Viragen Scotland is engaged in the research and
development of novel therapeutic proteins that disrupt the advance of
life-threatening diseases, with a focus on cancers.
For more information, please visit: http://www.Viragen.com
Viragen International, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements
that can be identified by such terminology such as "believes," "expects,"
"potential," "plans," "suggests," "may," "should," "could," "intends," or
similar expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. In particular,
management's expectations regarding future research, development and/or
commercial results could be affected by, among other things, uncertainties
relating to clinical trials and product development; availability of future
financing; unexpected regulatory delays or government regulation generally;
the success of third- party marketing efforts; our ability to retain
third-party distributors; our ability to obtain or maintain patent and
other proprietary intellectual property protection; and competition in
general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com/
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CONTACT:
Douglas Calder, Director of Communications,
+1-954-233-8746, Fax, +1-954-233-1414, or E-mail:
dcalder@viragen.com
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