DelSite (DSII) Files Chapter 7 Bankruptcy Protection

DelSite, Inc (OTCBB: DSII) filed for bankruptcy protection under Chapter 7 of the US bankruptcy laws earlier today and the Company will be liquidated. The Company's Board of Directors authorized the filing in a teleconference on April 1, 2009 after extensive efforts to raise funds for its ongoing drug development operations and for its H5N1 bird flu clinical trial proved unsuccessful.

Since the company discontinued its manufacturing operations in January 2009 it has not had sufficient revenue to sustain its operations and the inability to secure additional funding has left the company's cash resources depleted. The company is in default on its debt and is unable to pay its creditors, secured and unsecured. [SM]