ConjuChem Biotechnologies Inc. Announces Bankruptcy Act Filing; Directors and Officers of Company Resign

MONTREAL, July 21 /CNW/ - ConjuChem Biotechnologies Inc. ("ConjuChem" or the "Company") announced today that it has filed a voluntary assignment in bankruptcy under the Bankruptcy and Insolvency Act (Canada) in order to effect an orderly liquidation of its assets, property and operations. The protection of the Court granted under the Companies' Creditors Arrangement Act (Canada) ended on July 19, 2010. In light of the foregoing, the directors and officers of the Company have resigned.

RSM Ritcher Inc. has been appointed as trustee in bankruptcy.

For further information

Gilles Robillard, CA, CIRP, Telephone: 514.934.3484, Facsimile: 514.934.3504, grobillard@rsmrichter.com Ariella Yedid, CA, Telephone: 514.934.3532, Facsimile: 514.934.3504, ayedid@rsmrichter.com