Uncashed May 30, 2003 Distributions Cancelled

San Diego, Calif., January 27, 2004 – The ATS Liquidating Trust (the “Trust”) today announced that all uncashed checks issued to Trust beneficiaries on May 30, 2003 have been cancelled.

Section 7.9 of the Debtor’s Liquidating Chapter 11 Plan of Reorganization Dated February 7, 2003 and confirmed by the US Bankruptcy Court on March 19, 2003, specifies that trust beneficiaries have 90 days to cash their distribution checks. After that time any uncashed checks are considered undeliverable and the funds are returned to the Trust. Trust beneficiaries then have 30 days to request a re-issuance of a check and notify the Trustee of any change of address. If no request for re-issuance is made within 120 days of the date of the distribution that particular unclaimed distribution to that particular Trust beneficiary is discharged forever and returned to the Trust to be distributed with other Trust property.

Be advised that if a check is returned as undeliverable, the Trustee shall make no further distributions to that particular Trust beneficiary until the Trustee is notified of that particular beneficiary's then-current address. If you held Advanced Tissue Sciences, Inc. stock in your own name (not through a broker), you must notify the Trustee of a change of address by calling Mellon Investor Services at (800) 356-2017 or by writing to:

John T. Freeman
Trustee
ATS Liquidating Trust
PO Box 180479
Coronado, CA 92178-0479
Fax (619) 374-2588