Business
Allen-Vanguard announces executed accommodation agreement with its lenders
OTTAWA, Sept. 30 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS) ("Allen-Vanguard" or the "C...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nOTTAWA, Sept. 30 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that it\nreached an accommodation agreement with its lenders that defers the date of\npayment of the $10 million quarterly principal repayment otherwise due today\nand compliance with certain financial covenants under the existing credit\nagreement to October 31, 2008. The accommodation permits the parties to\ncontinue a dialogue regarding revising the existing credit terms.\n\n\nThe Company meanwhile continues to explore recapitalization alternatives\nwith various interested parties in conjunction with advisory work by its\ninvestment bankers and other outside advisors as referenced in its news\nrelease of September 16, 2008.\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 statements made about the Company. Any number of important\nfactors could contribute to these digressions, including, but not limited to,\ngeneral economic, political and market factors in North America and\ninternationally, interest and foreign exchange rates, global equity and\ncapital markets, business competition, technological change, changes in\ngovernment regulations, unexpected judicial o...