OTTAWA, April 24 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company" or "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada today announced that it expects the closing date of its $200 million long-term debt financing and $50 million revolving credit facility underwritten by RBC Capital Markets to be on or around May 2, 2008. As announced on March 27, 2008, these two facilities will be used to repay the outstanding balance on Allen Vanguard's existing senior debt facilities. "The re-financing has progressed very well," said David E. Luxton, President and CEO. "At this juncture it simply requires a few extra days to complete final documentation."
The Company also reported that it intends to provide a progress report to all stakeholders in conjunction with the release of its second quarter (Q2) financial results on or around May 15th. "We know that investors are looking forward to a general update on our major defense programs in particular," said Mr. Luxton. "We expect to be in a position to provide a full update at that time and we look forward to reporting on progress across all our business lines." The Company will be hosting an investor and analyst conference call and webcast at that time as follows:
Date: Thursday, May 15, 2008
Time: 9:00 a.m. ET
Dial-in numbers: 1-800-731-6941
1-416-644-3415
Web access:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2243780
For those unable to listen to the call live, a replay will be available for a two week period beginning at 11:00 a.m. on February 15, 2008. The replay phone number is 877-289-8525 and the access code is 21269297 (pound key).
The Company also took this opportunity to remind all shareholders of its Annual General Meeting of Shareholders which will take place on April 28th at 2 p.m. at the Marriott Hotel, 100 Kent St., Ottawa. The Company noted that with the pending release of Q2 results it is not anticipated that there will be any new announcements made at the AGM. A presentation focused on the previously announced structure and re-branding of the Company, as well as the combined capabilities of the Company further to the acquisition of Med-Eng Systems Inc. and Hazard Management Solutions Ltd. will be presented at the AGM and posted to the corporate web site following the AGM.
Forward looking statements
This press release may contain forward-looking statements, which reflect Allen-Vanguard's current expectations regarding future events, its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "plans," "believes," "estimates" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future acquisitions or dispositions, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company and economic factors. Forward-looking statements are not promises or guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made about the Company. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above-mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decision and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware that the Company disclaims any obligation to publicly update or revise any such forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Discussion and Analysis to be released by the Company or except as required by law .
About Allen-Vanguard
Allen-Vanguard Corporation supports the mission of military and homeland security forces around the world with leading proprietary solutions for protection and counter-measures against hazardous devices of all kinds, whether chemical, biological, radiological or explosive (CBRNE), including improvised explosive devices (IEDs) and remotely controlled IEDs (RCIEDs). Allen-Vanguard equipment is in service in more than 120 countries. Products include Electronic Counter-Measures ("ECM") equipment for jamming remote detonation of terrorist devices, specialty security equipment for Explosive Ordnance Disposal ("EOD"), remote intervention robots for hazardous applications, and personal protective wear for use in dealing with explosive and bio-chemical agents. Allen-Vanguard is the developer and/or sole, worldwide licensee of proprietary technologies such as the Med-Eng bomb suit, the Defender(TM) and Vanguard(TM) Mk2 bomb disposal robots, and the Universal Containment System and CASCAD Foam system for blast mitigation and decontamination of bio-chemical warfare agents. Professional services encompass counter-IED intelligence, training and advisory services, including the Triton(TM) Report on terrorist incidents around the world. The Company operates globally through its wholly-owned subsidiaries under the names "Allen-Vanguard", "Med-Eng" and "Hazard Management Solutions". Head office operations are located in Ottawa, Ontario, Canada, with manufacturing operations in Stoney Creek and Pembroke, Ontario; Ogdensburg, New York; Tewkesbury, U.K.; and Cork, Ireland; The Company has professional services operations in Shrivenham, UK, Canada and in the U.S. in Arlington, Virginia, plus sales offices in Canada, the U.S., the U.K. and Asia. Allen-Vanguard's shares are listed on The Toronto Stock Exchange (TSX) under the symbol "VRS".
To find out more about Allen-Vanguard Corporation (TSX: VRS), visit our website at www.allen-vanguard.com.
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