ART to repurchase all $2.5 million of convertible debentures

By Laura Lutz

Des Moines, Nov. 21 - ART Advanced Research Technologies Inc. announced plans to buy back all $2.5 million outstanding principal amount of its senior secured convertible debentures.

The company will pay a 15% premium on the principal amount for the debentures, plus accrued interest, for a total of $2,913,623.

The 9% debentures were issued to U.S. institutional investors in a $5 million private placement on July 28, 2005.

The repurchase is subject to the completion of the company's recapitalization and reorganization plan as well as the receipt of C$5.85 million in connection with the plan.

In separate news, the company entered into a letter-agreement for a C$2.7 million credit facility with RBC Royal Bank.

Montreal-based ART provides medical imaging products for the health care and pharmaceutical industries.

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