Nov. 3, 2009 (Filing Services Canada) -- Orbus Pharma Inc. (ORB - TSX), announces the Debenture Holders have agreed to a waiver of default on the interest owing on the convertible debentures on October 31, 2009 and November 30, 2009 until December 31, 2009 on the basis of the Corporation continuing to pursue a variety of strategic alternatives.
The total interest payable to the debenture Holders on October 31, 2009 is $937,080 and the interest payable November 30, 2009 on the principle plus the October 31, 2009 interest owing is $69,958. There is no consideration given to the Debenture holders for their agreement to a waiver of default other than the Corporation agreeing to continue to pursue a variety of strategic alternatives.
Orbus Pharma Inc., headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated global strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical manufacturing. For more information, please visit www.orbus.ca.
Forward-looking statements
Certain statements in this disclosure are ?forward-looking statements?, which reflect management?s expectations regarding the Company?s future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management?s current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
Please contact the following Orbus officers for further information:
Greg W. Muir
Interim President and C.E.O.
(905) 944 9444 ext. 222
Source: Orbus Pharma Inc. (TSX: ORB) http://www.orbus.ca
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