ART Advanced Research Technologies Announces Results of the 2008 Annual Shareholders' Meeting

MONTREAL, CANADA (TSX: ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, is pleased to announce that it held its annual shareholders' meeting in Montreal on May 27, 2008. At the meeting, the shareholders of the Company elected the members of the Board of Directors who will serve until the next annual shareholders' meeting. Immediately following the annual meeting of shareholders, the Board of Directors appointed Mr. Sebastien Gignac Chairman of the Company, succeeding Mr. Benoit LaSalle who is stepping down after over five years in that role.

The number of Board members was reduced from six to four, effective as of the close of the annual meeting. The directors of the Company, who were elected until the next annual meeting of shareholders, are: Mr. Jacques Courville, Former Vice President, Medical Research of Merck Frosst Canada Inc.; Mr. Raymond Cyr, Chairman of the Board, Polyvalor Inc.; Mr. George N. Fugelsang, Former CEO of Dresdner Kleinwort Benson North America; and Mr. Sebastien Gignac, Chairman & CEO of ART. Mr. Raymond Cyr will act as lead director of the Board.

ART shareholders also approved a resolution to amend both the employee stock option plan and the director stock option plan of the Company to change the maximum number of common shares reserved for issuance under all security-based compensation arrangements of the Company from 8% to 10% of the outstanding issue (as defined in the employee stock option plan and director stock option plan of the Corporation) and to make consequential amendments (Resolution 2008-1). Finally, shareholders approved a resolution to adopt a deferred share unit plan for the directors of the Company, including setting the maximum number of common shares of the Company issuable thereunder (Resolution 2008-2).

Speaking as President and Chief Executive Officer of ART Advanced Research Technologies, Sebastien Gignac provided the meeting with an overview of the Company's progress over the last year. On behalf of the Company, Mr. Gignac also thanked Mr. Benoit LaSalle and Mr. Pierre Dutheil, who are retiring from the Board of Directors, for their many contributions to the Company's development.

About ART

ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is used by industry and academic leaders worldwide. The SoftScan® optical medical imaging device is designed to improve the diagnosis and treatment of breast cancer. Finally, the Fenestra® line of molecular imaging contrast products provide image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. ART is commercializing some of these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at www.art.ca.

This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the most recent Annual Information Form and the financial statements for the year ended December 31, 2007, available on SEDAR (www.sedar.com).

Contacts: ART Advanced Research Technologies Inc. Jacques Bedard Chief Financial Officer 514.832.0777 [e-mail] www.art.ca