Business
Allen-Vanguard announces extended accommodation agreement with its lenders
OTTAWA, Dec. 10 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS) ("Allen-Vanguard" or the "Co...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nOTTAWA, Dec. 10 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that its\nlenders have again extended the accommodation agreement announced September\n30, 2008, to December 31, 2008.\n\n\nThe accommodation further defers compliance with certain financial\ncovenants and payment of the $10 million quarterly principal repayment that\nwas due at September 30, 2008. The accommodation provides the additional time\nnecessary to complete discussions on revising the existing credit terms\nincluding the principal repayment schedule. As previously announced, the\nCompany has also been actively exploring recapitalization alternatives with\nvarious interested parties in conjunction with advisory work by its investment\nbankers and other outside advisors.\n\n\n"Our first priority is to stabilize our long-term credit agreement with\nour lending syndicate," said David E. Luxton, President and CEO. "We are\nlooking forward to putting this period of uncertainty behind us and\nconcentrating on delivering against our FY 2009 objectives."\n\n\nThe Company stated that it also expects to announce audited financial\nresults for the fiscal year ended September 30, 2008 next week in conjunction\nwith revised terms to its credit arrangement.\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 s...