MONTREAL, QC, March 13 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)
announces that following intensive negotiations with JPMorgan Chase Bank, N.A.
("JPMC"), an agreement was reached involving Mindready, UTTC United Tri-tech
Corporation ("UTTC") and JPMC after market closing on March 10, 2006. Pursuant
to this agreement, which was confirmed by the court, JPMC will provide
financial support to UTTC so that it may continue stable operations until a
definitive turnaround/restructuring plan has been implemented.
The agreement will allow UTTC to adequately serve its customers, many of
whom rely on UTTC as a strategic supplier. The parties have undertaken to
establish a firm timetable by Tuesday, March 14, 2006, for a
turnaround/restructuring plan for UTTC.
By mutual consent, the parties named Ernst & Young as interim receiver
and Deloitte & Touche as proposal trustee. Ernst & Young and Deloitte & Touche
will work with the new management team appointed by Mindready in the
management of the day-to-day operations of UTTC.
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.
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