Montréal, January 31, 2013 – The Fonds de solidarité FTQ (“Fonds”) took the necessary action to keep BioSyntech out of bankruptcy. The allegations made on the air by Enquête on January 31 are unfounded. Like all of BioSynthech’s shareholders, the Fonds de solidarité FTQ is disappointed by the turn of events.
In August and October 2009, the Fonds invested $1,236,000 in BioSyntech to enable the company to stay in business. Without this urgent capital injection, the company would have had to begin bankruptcy proceedings. All of BioSyntech’s other shareholders were invited to provide additional funding along with the Fonds. Most chose not to do so. As such, it is both false and defamatory to accuse the Fonds of wanting to provoke BioSyntech’s bankruptcy in order to get its hands on the company’s technology.
It will be recalled that in June 2010, the Québec Superior Court and Québec Court of Appeals rejected the claims of some of the plaintiffs, ruling that the search for strategic partners conducted by PricewaterhouseCoopers at the request of BioSyntech’s Board of Directors “was a long, serious, careful and documented process.”
The Fonds de solidarité FTQ never controlled BioSyntech or its Board.
The Enquête team was made aware of these facts but chose to ignore them.
The Fonds de solidarité FTQ would like to emphasize that all its investment decisions are made in the interest of its some 600,000 Québec shareholders who entrust their retirement savings to the Fonds.
About the Fonds de solidarité FTQ
Created in 1983, the Fonds de solidarité FTQ has been driving our economy for 30 years. With net assets of $8.8 billion as of November 30, 2012, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments contribute to the creation and maintenance of jobs in Quebec businesses and favour economic development. The Fonds is a partner, either directly or through its network members, of more than 2,000 companies. With close to 600,000 owner-shareholders, it has helped to create, maintain and close to 170,000 jobs. For more information, visit www.FondsFTQ.com.
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Information for media representatives only:
Patrick McQuilken
Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
Mobile : 514 703-5587
Email: pmcquilken@fondsftq.com
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