MONTREAL, March 9 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)
announces that, further to the receipt on March 7, 2006 by its subsidiary UTTC
United Tri-Tech Corporation ("UTTC") of a demand for payment of CDN$13,946,858
from JPMorgan Chase Bank, N.A., as well as a notice to realize its security
and a petition to appoint an interim receiver, UTTC has filed a notice of
intent to make a proposal to its creditors, and requested the court to name an
interim receiver to oversee UTTC's operations that would continue to be
managed by the new management team appointed by Mindready.
This measure is aimed only at UTTC's creditors and is intended to assure
stability in order to allow UTTC to serve its customers, many of which count
on UTTC as a strategic supplier, until such time as an agreement is reached
between UTTC and its creditors.
As part of these procedures, UTTC and Mindready have undertaken to return
before the court on March 27, 2006 with a proposal that addresses the present
financial position of UTTC.
These measures were taken in light of Mindready's firm intention to
protect UTTC and rebuild its financial structure so that it can continue to
operate in the long-term for the benefit of its customers and employees.
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, Motorola, Panasonic, Alcatel, Ultra Electronics,
EMS-Technologies, NCR, the US military, Verizon, AT&T and JDS Uniphase.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
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