Court Approves Sale of Anginera.

SAN DIEGO -- The Trustee of the ATS Liquidating Trust (ATISZ.PK -- please read the disclaimer in the last paragraph of this release regarding trading under this symbol) today announced that the United States Bankruptcy Court for the Southern District of California has approved the Trustee's motion under section 363 of the U. S. Bankruptcy Code to allow the sale of the Trust's Anginera(TM) intellectual property to Iken Tissue Therapeutics, Inc. of San Francisco.

Anginera is a human fibroblast-based, tissue-engineered, epicardial patch.

Under the agreement, Iken will pay the ATS Liquidating Trust $200,000 at closing in addition to future milestone and royalty payments. Potential future payments include a $300,000 milestone payment upon successful conclusion of the first Phase I/II Anginera human clinical trial, which is expected to occur by December 31, 2005. A $500,000 milestone would be payable at the successful conclusion of the Phase III Anginera human clinical trial which is expected to occur by March 31, 2008.

Approval for the marketing of Anginera by the U. S. Food and Drug Administration would result in a $600,000 milestone payment. The agreement also specifies royalties of three per cent of product net sales for five years after the first sale following FDA approval.

About Iken Tissue Therapeutics:

Iken Tissue Therapeutics, Inc., is an early-stage, highly-focused firm whose mission is to improve cardiovascular and vascular health with novel tissue-based therapies. The company has received more than $500,000 in seed funding from founders and angel investors. More information about Iken Tissue Therapeutics is available at www.ikentherapeutics.com.

This release contains forward-looking statements regarding future milestone and royalty payments that could result from the sale of assets of ATS by the Trust pursuant to the Plan. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those contemplated in the agreement announced in this release. Neither the Trust nor Iken Tissue Therapeutics undertakes any obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

As a result of the Plan which was confirmed by the Bankruptcy Court by a final order dated March 21, 2003 and which became effective on March 31, 2003, the stock of ATS was cancelled and its former stockholders now hold non-trading interests in the ATS Liquidating Trust. According to the terms of the Plan, the Interests in the ATS Liquidating Trust are not to trade and the Liquidating Trustee will only recognize as beneficiaries of the Trust those equity holders of record as of the effective date of the Plan. Any trading that may be occurring after the effective date of the Plan under the symbol "atisz.pk" or otherwise is unauthorized by the Plan and will not be recognized by the Trustee. As a result of the terms of the Plan and the order of the Bankruptcy Court confirming the Plan, the Securities and Exchange Act of 1934 as amended and the rules promulgated thereunder no longer apply to the Company since it has no issued stock, no shareholders, and is no longer in business. However, to the extent applicable, the above cautionary statement is made by the Trust under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.