Business
Allen-Vanguard announces agreement with its lenders and status of investor discussions
OTTAWA, July 2 /CNW/ - Allen-Vanguard Corporation (TSX: VRS) ("Allen-Vanguard" or the "Company") ...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nOTTAWA, July 2 /CNW/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that it\nreached an agreement with its Lending Syndicate ("lenders") that defers to\nSeptember 30, 2009 the US$4.8 million quarterly principal repayment otherwise\ndue today under the existing credit agreement with the lenders dated December\n29, 2008.\n\n\nIn conjunction, the Company reported on the status of discussions with an\nundisclosed U.S. investor with which it has been engaged on an exclusive basis\nsince April regarding a going-private transaction. "This has been an extensive\nprocess," said David E. Luxton, President and CEO. "Discussions have advanced\nto the point where we may shortly conclude definitive terms, but should we not\ndo so then we will resume discussions with other specific, interested parties\nwith a view to reducing our long-term debt by a minimum of $US50 million by\nSeptember 30, 2009, as previously stated."\n\n\n"In parallel, we remain focused on our business," said Mr. Luxton. "With\nstrong activity in the international market, we are concentrating sales\nefforts in the Middle East, Latin America and parts of Asia. As well, with the\ndraw-down of U.S. troops in Iraq and intensified conflict in Afghanistan we\nexpect to finally see quantity orders for Symphony systems now that U.S.\nSupplemental funding has been passed and is in place for these requirements.\nWith slippage into the next quarter we have re-planned our forecast and cash\nflow accordingly with the continued support of our lenders."\n\n\nForward-Looking Statements\n\n\nThis press release may contain forward-looking statements, which reflect\nAllen-Vanguard's current expectations regarding future events, its strategy,\nexpected performance and condition. Forward-looking statements include\nstatements that are predictive in nature, that depend upon or refer to future\nevents or conditions, or that include words such as "expects," "anticipates,"\n"plans," "believes," "estimates" or negative versions thereof and similar\nexpressions. In addition, any statement that may be made concerning future\nperformance, strategies or prospects, and possible future acquisitions or\ndispositions, ...