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SemBioSys announces securityholder approval for plan of arrangement and date and time for the motion for final court order

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^{Published in Health and Fitness on Friday, December 18th 2009 at 10:05 GMT by Market Wire}  

TSX symbol: SBS

CALGARY, Dec. 18 /CNW/ - SemBioSys Genetics Inc. ("SemBioSys") (TSX:SBS) today announced that the securityholders of SemBioSys approved the previously announced Plan of Arrangement (the "Arrangement") at the special meeting of the securityholders held today in Calgary. Pursuant to the Arrangement, SemBioSys will receive approximately $3.7 million in new, non-dilutive capital comprised of both cash and securities. The Arrangement under section 193 of the Business Corporations Act (Alberta) (the "ABCA") involves SemBioSys, Cathedral Energy Services Income Trust (the "Trust"), Cathedral Energy Services Ltd. ("CESL"), 1491265 Alberta Ltd. ("1491265") and 1491277 Alberta Ltd. ("1491277").

SemBioSys, the Trust, CESL, 1491265 and 1491277 have applied to the Court of Queen's Bench of Alberta for a final order approving the Arrangement pursuant to the provisions of the ABCA and declaring the Arrangement to be fair to the securityholders, which Motion for Final Order shall be made before the presiding Judge on December 18, 2009 at 1.30.pm. (Calgary time) or so soon thereafter as counsel may be heard. Subject to approval of the Arrangement by the Court and the satisfaction of certain other closing conditions, it is expected that the Arrangement will close as soon as practicable following the grant of the Final Order.

About SemBioSys

Calgary, Alberta-based SemBioSys is focused on leveraging its unique proprietary platform to manufacture high-value proteins and oils. SemBioSys' seed-based protein production system can provide for its partners product enablement, exceptionally low cost and unprecedented scalability. SemBioSys is applying the platform with high selectivity to products with tremendous clinical promise and value potential. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at [ www.sembiosys.com ].

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, the obtaining of court and other regulatory approvals and consents, any adjustment with respect to the amount of the non-dilutive financing, including the market price of the securities to be received by New SemBioSys, the satisfaction of closing conditions, and other risks detailed from time-to-time in the Company's ongoing filings with the Canadian securities regulatory authorities which filings can be found at [ www.sedar.com ]. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.