MONTREAL, April 18 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)
reports that the first default status report does not involve any change with
the previous report filed on April 3, 2006, with the exception that Mindready
was informed on April 11, after the market close, that its offer submitted to
the interim receiver of UTTC United Tri-Tech Corporation ("UTTC") to purchase
the assets of UTTC was not accepted and that the assets of UTTC were sold to a
third party.
Concurrently with its negotiations with the interim receiver of UTTC,
Mindready has obtained from the court an order to safeguard until June 3,
2006, which prevents the former shareholders of UTTC from trading the shares
they hold in the capital of Mindready. Such order was rendered in the course
of the legal procedures filed by Mindready to cancel the acquisition of UTTC
completed on November 30, 2005.
Given these new developments, Mindready continues to examine all means at
its disposal to ensure its rights are respected and that it receives
compensation from all parties involved.
The annual report, the annual financial statements along with its
management's discussion and analysis (MD&A) for the fiscal year ended
December 31, 2005 could not be filed on or before March 31, 2006, as
prescribed by law, for the reasons described above. Consequently, the annual
shareholders' meeting has been postponed accordingly.
Mindready expects to be able to file its annual report, annual financial
statements and annual MD&A for the year ended December 31, 2005 by May 31,
2006 and has asked regulatory authorities to issue a temporary cease trade
order applicable to its management.
Mindready is aware that regulatory authorities may impose an issuer cease
trade order in the event that its financial statements, annual report and
annual MD&A are not filed before May 31, 2006.
An issuer cease trade order may also be imposed prior to May 31, 2006 if
this notice of default is materially deficient or if Mindready fails to file
its Default Status Reports on time as prescribed by law. Mindready is
confident that these conditions will be met.
Mindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative
end-to-end solutions for new electronic product introduction, from design to
manufacturing and test systems, serving the aerospace & defense, wireless
telecommunication and automotive & transportation markets. Mindready serves
clients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon,
Rockwell Collins, NASA, Ford, Nissan, Motorola, Panasonic, Renault, Harris,
Flextronics, Nortel and Alcatel. More information about Mindready and its
products, systems and engineering services can be found at www.mindready.com.
The statements regarding the company's future operating results,
performance and business prospects contained in this press release, and any
other statements not constituting historical information, are forward-looking
statements. These forward-looking statements reflect the company's current
opinions and assumptions with respect to future business decisions and
results, and are based on the information currently available to the company.
Accordingly, these statements are subject to risks, uncertainties and
contingencies that could cause the company's future operating results,
performance or business prospects to differ from those expressed in, or
implied by, these statements.
%SEDAR: 00015196EF
