Hyal Pharmaceutical Updates Proposal Status

Apr 20, 2001, 01:00 ET from Hyal Pharmaceutical Corporation

    VANCOUVER, British Columbia, April 20 /PRNewswire Interactive Release/ --
 Hyal Pharmaceutical Corporation (OTC Bulletin Board:   HYALF)
 ("Hyal" or "the Company") today provided an update on the status of the
 proposal made by the Company (the "Proposal") under the Bankruptcy and
 Insolvency Act and approved by the Superior Court of Justice of Ontario
 (the "Court") on May 31, 2000.
     Pursuant to the Proposal, the Proposal Trustee has now paid all secured
 claims, preferred claims and other fees and expenses related to the
 receivership in full and has distributed all remaining funds held by the
 Proposal Trustee to unsecured ordinary creditors.  Unsecured ordinary
 creditors received $0.90 for each dollar of approved claims.  The remaining
 amount of unpaid claims, being approximately $1.4 million, are being satisfied
 in full through the issuance of 10,050,463 common shares of Hyal pursuant to
 the terms of the Proposal.
     As part of the Proposal, the Company has also issued $1 million of
 Preferred Shares.  The Preferred Shares have a 6% cumulative annual dividend,
 are redeemable by the Company after a period of 2 years and are convertible at
 the holder's option into common shares of the Company at a price equal to
 90% of the average closing price of the common shares for the 10 business days
 preceding notice of conversion.  The number of common shares which the
 Preferred Shares may be converted into is limited to that number such that
 following conversion the number of common shares issued in exchange for the
 Preferred Shares will not exceed 40% of the total outstanding common shares of
 the Company.  Until such time as the Preferred Shares are converted or
 redeemed, they will have the right to cast a number of votes equal to 40% of
 the eligible votes at any meeting of shareholders of the Company.
     Also pursuant to the Proposal, the Company has secured a $5 million
 revolving line of credit.
     The Company believes that all aspects of the Proposal have been
 substantially completed and has requested that the Proposal Trustee proceed to
 apply to be discharged by the Court.
     The Company also announced that it had received shareholder approval at a
 meeting of shareholders held on March 16, 2001 to change its name to
 "Cade Stuktur Corporation," complete a share consolidation of 1 new common
 share for every 10 common shares currently outstanding and proceed with the
 transactions announced in its press release of February 15, 2001.  The closing
 of these transactions are subject to several conditions, some of which are not
 yet fulfilled.  A further update will be provided when warranted.
     Certain statements included herein are "forward-looking statements" as
 defined in the Private Securities Litigation Reform Act of 1995.  Management
 of the Company cautions that forward-looking statements are not guarantees and
 that actual results could differ materially from those expressed or implied in
 the forward-looking statements.  Important factors that could cause the actual
 results of operations or financial condition of the Company to differ include,
 but are not necessarily limited to, the risks and uncertainties discussed in
 documents filed by the Company with the Securities and Exchange Commission.
 
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SOURCE Hyal Pharmaceutical Corporation
    VANCOUVER, British Columbia, April 20 /PRNewswire Interactive Release/ --
 Hyal Pharmaceutical Corporation (OTC Bulletin Board:   HYALF)
 ("Hyal" or "the Company") today provided an update on the status of the
 proposal made by the Company (the "Proposal") under the Bankruptcy and
 Insolvency Act and approved by the Superior Court of Justice of Ontario
 (the "Court") on May 31, 2000.
     Pursuant to the Proposal, the Proposal Trustee has now paid all secured
 claims, preferred claims and other fees and expenses related to the
 receivership in full and has distributed all remaining funds held by the
 Proposal Trustee to unsecured ordinary creditors.  Unsecured ordinary
 creditors received $0.90 for each dollar of approved claims.  The remaining
 amount of unpaid claims, being approximately $1.4 million, are being satisfied
 in full through the issuance of 10,050,463 common shares of Hyal pursuant to
 the terms of the Proposal.
     As part of the Proposal, the Company has also issued $1 million of
 Preferred Shares.  The Preferred Shares have a 6% cumulative annual dividend,
 are redeemable by the Company after a period of 2 years and are convertible at
 the holder's option into common shares of the Company at a price equal to
 90% of the average closing price of the common shares for the 10 business days
 preceding notice of conversion.  The number of common shares which the
 Preferred Shares may be converted into is limited to that number such that
 following conversion the number of common shares issued in exchange for the
 Preferred Shares will not exceed 40% of the total outstanding common shares of
 the Company.  Until such time as the Preferred Shares are converted or
 redeemed, they will have the right to cast a number of votes equal to 40% of
 the eligible votes at any meeting of shareholders of the Company.
     Also pursuant to the Proposal, the Company has secured a $5 million
 revolving line of credit.
     The Company believes that all aspects of the Proposal have been
 substantially completed and has requested that the Proposal Trustee proceed to
 apply to be discharged by the Court.
     The Company also announced that it had received shareholder approval at a
 meeting of shareholders held on March 16, 2001 to change its name to
 "Cade Stuktur Corporation," complete a share consolidation of 1 new common
 share for every 10 common shares currently outstanding and proceed with the
 transactions announced in its press release of February 15, 2001.  The closing
 of these transactions are subject to several conditions, some of which are not
 yet fulfilled.  A further update will be provided when warranted.
     Certain statements included herein are "forward-looking statements" as
 defined in the Private Securities Litigation Reform Act of 1995.  Management
 of the Company cautions that forward-looking statements are not guarantees and
 that actual results could differ materially from those expressed or implied in
 the forward-looking statements.  Important factors that could cause the actual
 results of operations or financial condition of the Company to differ include,
 but are not necessarily limited to, the risks and uncertainties discussed in
 documents filed by the Company with the Securities and Exchange Commission.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X56422322
 
 SOURCE  Hyal Pharmaceutical Corporation