Allen-Vanguard announces further extension of lender accommodation

About this update from Verisante Technology, Inc.

[{"type":"text","content":"\n\n\n\nOTTAWA, Nov. 28 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that its\nlenders have extended the accommodation agreement announced October 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 September 30, 2008 until December 10, 2008.\n\n\n"Our lenders continue to work with us and to provide support in our\nefforts to recapitalize the Company, and we expect to conclude on a preferred\ntransaction prior to December 10," said David E. Luxton, President and CEO.\n"We understand that there continues to be uncertainty about our working\ncapital position and our ability to fund our growth, particularly following\nour recent announcement of strong backlog and order growth as well as expanded\npartnerships and teaming agreements. We anticipate that when this refinancing\nprocess is concluded management and stakeholders can re-focus on the intrinsic\nvalue of Allen-Vanguard and its business opportunities and proprietary\ntechnologies as a global leader in protection and counter-measures against\nhazardous devices."\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 mater...

More updates from Verisante Technology, Inc.