MISSION VIEJO, CA / ACCESSWIRE / March 23, 2018 / Aeolus Pharmaceuticals, Inc. (OTCQB: AOLS), announced today that it has commenced an out-of-court liquidation conducted by an Assignment for the Benefit of Creditors pursuant to Delaware law. The Board of Directors has authorized Aeolus to enter into a General Assignment agreement with John D. McLaughlin, Jr., Esq. as the Assignee of all of Aeolus' remaining assets. To this effect, Aeolus has transferred its assets to the Assignee whose contractual duty is to liquidate these assets and distribute any proceeds to creditors. If the recovered value of these assets is not greater than the liabilities of Aeolus, there will not be any residual value for stockholders. In connection with the Assignment, Aeolus will discontinue the development of its compounds and all other operations.
About Aeolus Pharmaceuticals
Aeolus Pharmaceuticals, based in Mission Viejo, CA, has been engaged in the development of medical countermeasures for radiological, chemical and biological threats under programs previously supported by funding from the United States government.
The statements in this press release that are not purely statements of historical fact are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements herein with respect to the Company's plans and the successful execution of the Company's current strategy. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Aeolus' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements.
Certain of these factors and others are more fully described in Aeolus' filings with the Securities and Exchange Commission, including, but not limited to, Aeolus' Annual Report on Form 10-K for the year ended September 30, 2016. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
President and Chief Executive Officer
Aeolus Pharmaceuticals, Inc.
SOURCE: Aeolus Pharmaceuticals, Inc.