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8-K - 8-K - BioAmber Inc. | d645901d8k.htm |
Exhibit 99.1
BioAmber Provides Update on Liquidation Process
Montreal, Canada, October 25, 2018. PricewaterhouseCoopers Inc., LIT, in its capacity as the court-appointed Monitor (in such capacity, the Monitor) of BioAmber Inc. (OTCPK: BIOAQ), BioAmber Canada Inc., and BioAmber Sarnia Inc. (collectively, the Company) in their proceedings under the Companies Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the CCAA), provides the following update on the Companys liquidation process.
On October 22, 2018, the Company completed the sale of certain of its assets to LCY Biotechnology Inc. (previously 9384-3076 Québec Inc.). These assets comprised all of the Companys assets, save and except for the cash, accounts receivable and inventory of the Company, and also excluded certain U.S. based office equipment. The purchaser did not seek the assignment of the Companys contracts, which meant that certain intellectual property under license from third parties was also not transferred to the purchaser.
This transaction was approved by the Quebec Superior Court of Justice on September 18, 2018, and by the United States Bankruptcy Court for the District of Delaware on October 9, 2018.
The liquidation of the Companys assets will result in little to no residual value for non-secured creditors, and no residual value for equity investors of the Company.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about the Company. The Company may use words such as anticipate, believe, could, continue, estimate, expect, intend, may, should, will, would, plan, projected or the negative of such words or other similar words or phrases to identify such forward-looking statements. For additional disclosure regarding these and other risks faced by the Company, see disclosures contained in the Companys public filings with the SEC, including the risks discussed under the heading Item 1.A Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, and under the heading Risk Factors of the recently filed prospectus supplement. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and the Company undertakes no obligation to update such statements as a result of new information, except as required under applicable securities legislation.
PWC Contact
Mica Arlette
416-814-5834
Mica.Arlette@ca.pwc.com
or
Christian Bourque
514-205-5434
Christian.bourque@ca.pwc.com