Business
UTTC United Tri-Tech Corporation Update
UTTC United Tri-Tech Corporation Update.
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, QC, March 13 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)\nannounces that following intensive negotiations with JPMorgan Chase Bank, N.A.\n(\"JPMC\"), an agreement was reached involving Mindready, UTTC United Tri-tech\nCorporation (\"UTTC\") and JPMC after market closing on March 10, 2006. Pursuant\nto this agreement, which was confirmed by the court, JPMC will provide\nfinancial support to UTTC so that it may continue stable operations until a\ndefinitive turnaround/restructuring plan has been implemented.\nThe agreement will allow UTTC to adequately serve its customers, many of\nwhom rely on UTTC as a strategic supplier. The parties have undertaken to\nestablish a firm timetable by Tuesday, March 14, 2006, for a\nturnaround/restructuring plan for UTTC.\nBy mutual consent, the parties named Ernst & Young as interim receiver\nand Deloitte & Touche as proposal trustee. Ernst & Young and Deloitte & Touche\nwill work with the new management team appointed by Mindready in the\nmanagement of the day-to-day operations of UTTC.\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, Ford, Nissan, Motorola, Panasonic, Renault, Harris,\nFlextronics, Nortel and Alcatel. More information about Mindready and its\nproducts, systems and engineering services can be found at www.mindready.com.\n\nThe statements regarding the company's future operating results,\nperformance and business prospects contained in this press release, and any\nother statements not constituting historical information, are forward-looking\nstatements. These forward-looking statements reflect the company's current\nopinions and assumptions with respect to future business decisions and\nresults, and are based on the information currently available to the company.\nAccordingly, these statements are subject to risks, uncertainties and\ncontingencies that could cause the company's future operating results,\nperformance or business prospects to differ from those expressed in, or\nimplied ...