ALUS Liquidation Corp. Announces Initial Distribution

IRVINE, Calif., Jul 7, 2009 (GlobeNewswire via COMTEX) -- ALUS | Quote | Chart | News | PowerRating -- ALUS Liquidation Corp. (Pink Sheets:ALUS) (formerly known as Alsius Corporation) today announced that its Board of Directors has approved an initial liquidating distribution in the amount of $0.30 per share of common stock. The initial distribution is expected to be made on or about the date of this announcement to stockholders of record as of the close of business on May 5, 2009, the date on which Alsius filed a certificate of dissolution with the Delaware Secretary of State. The distribution is being made following the sale of substantially all of Alsius' assets to ZOLL Circulation, Inc. on May 4, 2009, and in accordance with the plan of dissolution approved by Alsius' stockholders.

Stockholders who hold their shares through a bank, broker or other entity will have their brokerage account credited with their allocation of the initial distribution with no further action required on the stockholders' behalf. Stockholders who hold their shares in certificated form will receive a letter of transmittal from the transfer agent instructing the holders on how to surrender their stock certificates prior to receiving the distribution.

After the one-year anniversary of the asset sale to ZOLL, when the period for ZOLL to make indemnity claims under the purchase agreement expires, ALUS anticipates making a final distribution to stockholders of available cash. ALUS estimates that when all distributions have been made, it will return $0.36 per share to stockholders. However, if liabilities are greater than estimated or if unknown liabilities are incurred, or if collections on accounts receivable are less than expected, then the amount available for distribution will be less than currently anticipated (or could be greater if liabilities are less than expected or collections exceed expectations).

About ALUS Liquidation Corp.

ALUS Liquidation Corp., in Irvine, Calif., was a medical device company known as Alsius that developed, manufactured and sold proprietary products to precisely control patient temperature. On May 4, 2009, ALUS sold the assets constituting this business to ZOLL Circulation, an affiliate of ZOLL Medical (Nasdaq:ZOLL). ALUS filed a certificate of dissolution with the Delaware Secretary of State on May 5, 2009 and is now in the process of winding down its affairs.

Certain statements contained in this press release and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the amount and timing of distributions to former Alsius stockholders from the proceeds of the sale to ZOLL may vary significantly from those discussed herein, due to a variety of factors, including but not limited to, ALUS' ability to collect its outstanding accounts receivable, claims which may be made by ZOLL under the purchase agreement with ALUS, claims which may be made by other parties during the process of winding ALUS down, and other unforeseen complications and expenses. Other factors that could cause actual results to differ from those expressed or implied in this release are described in ALUS' Annual Report on Form 10-K for the year ended December 31, 2008 and its Information Statement on Schedule 14C describing the sale transaction with ZOLL, each of which is available on www.sec.gov.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: ALUS Liquidation Corp.

ALUS Liquidation Corp.
         Andrew Wade
         (949) 453-0150 ext. 156

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