Business
Update on UTTC United Tri-Tech Corporation
Update on UTTC United Tri-Tech Corporation.
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, March 9 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)\nannounces that, further to the receipt on March 7, 2006 by its subsidiary UTTC\nUnited Tri-Tech Corporation (\"UTTC\") of a demand for payment of CDN$13,946,858\nfrom JPMorgan Chase Bank, N.A., as well as a notice to realize its security\nand a petition to appoint an interim receiver, UTTC has filed a notice of\nintent to make a proposal to its creditors, and requested the court to name an\ninterim receiver to oversee UTTC's operations that would continue to be\nmanaged by the new management team appointed by Mindready.\nThis measure is aimed only at UTTC's creditors and is intended to assure\nstability in order to allow UTTC to serve its customers, many of which count\non UTTC as a strategic supplier, until such time as an agreement is reached\nbetween UTTC and its creditors.\nAs part of these procedures, UTTC and Mindready have undertaken to return\nbefore the court on March 27, 2006 with a proposal that addresses the present\nfinancial position of UTTC.\nThese measures were taken in light of Mindready's firm intention to\nprotect UTTC and rebuild its financial structure so that it can continue to\noperate in the long-term for the benefit of its customers and employees.\n\nMindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative\nend-to-end solutions for new electronic product introduction, from design to\nmanufacturing and test systems, serving the aerospace & defense, wireless\ntelecommunication and automotive & transportation markets. Mindready serves\nclients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon,\nRockwell Collins, NASA, Motorola, Panasonic, Alcatel, Ultra Electronics, \nEMS-Technologies, NCR, the US military, Verizon, AT&T and JDS Uniphase.\n\nForward-looking statements contained in this press release involve known\nand unknown risks, uncertainties or other factors that may cause actual\nresults, performance or achievements of the company to be materially different\nfrom any future results, performance or achievements expressed or implied by\nsuch forward-looking statements.\n%SEDAR: 00015196EF\n\n\n","length":2218,"tagName":"div"}]