/NOT FOR DISTRIBUTION IN
MARKHAM,ON,
Pursuant to the
Since the Corporation's legal dispute update announcement of
The filing of the Notice has the effect of imposing an automatic 30-day stay of proceedings that will protect the Corporation and its assets from the claims of creditors while the Corporation continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the
Management will work closely with the Corporation's board of directors and its financial and other advisors and, with the assistance of the Trustee, will initiate a strategic review process in order to maximize the realizable value of the Corporation's residual assets.
There can be no assurance that the strategic process will result in the Corporation securing any financing or realizing any value in the Corporation's residual assets in any transaction or, if a transaction is proposed, that it will be successfully concluded in a timely manner or at all.
Failure by the Corporation to achieve its financing and restructuring objectives through an approved Proposal will result in the Corporation becoming bankrupt.
The Corporation will provide updates on this matter when it becomes aware of new material information.
Forward-Looking Statements:
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's filings with Canadian securities regulators (www.sedar.com).
Neither
SOURCE
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