Allen Vanguard announces discontinuation of debt rating services and associated costs

About this update from Verisante Technology, Inc.

[{"type":"text","content":"\n\n\n\nOTTAWA, Sept. 4 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that it\nhas discontinued employing the debt rating services provided by Moody's\nInvestor Services ("Moody's") and by Standard & Poors ("S&P"). "Upon review we\nfound no compelling benefit to Allen Vanguard from continuing to incur the\nannual costs of these services," said Peter Allen, the Company's new Chief\nFinancial Officer. "In consultation with our lending group led by RBC we\nconcluded that this would be unlikely to affect our future borrowing costs."\n\n\nUpon cessation of debt rating services, Moody's performed and published a\ncustomary final issuer rating when closing out the file. Allen Vanguard\ndiscontinued rating services with both firms on August 29, 2008. Moody's\nposted its closing rating on that date. S&P published a notice of rating\nwithdrawal on September 3, 2008, noting that rating withdrawal was at the\nrequest of Allen Vanguard because the Company does not intend to access public\ndebt markets in the foreseeable future.\n\n\nAllen Vanguard\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, is also a forward-looking statement. Forward-looking statements\nare based on current expectations and projections about future events and are\ninherently subject to, among other things, risks, uncertainties and\nassumptions about the Company and economic factors. Forward-looking statements\nare not promises or guarantees of future performance, and actual events and\nresults could differ materially from those expressed or implied in any\nforward-looking st...

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