Avcorp Provides Financing Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 31, 2003 Avcorp Industries Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AVP AVP arginine vasopressin. ) announced the company's bank has advised the company that it will not extend credit agreements beyond January 30, 2003 and has demanded payment of the full amount, approximately $12.5 million, by February 11, 2003. The company continues to pursue alternative financing. The company has received a proposal for a sale-leaseback of its land and buildings although this proposal will not close before the date payment to the bank is due. The company also announced that on January 24, 2003 Senator Jack Austin
Jacob "Jack" Austin, PC (born March 2, 1932) is a former Canadian politician and former member of the Canadian Senate. resigned from the board of directors. Senator Austin's resignation was unconnected with the bank demanding payment and the board thanks him for his valuable contribution. Avcorp Industries Inc. is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. aerospace industry manufacturer. The Company is a single-source supplier for engineering design, manufacture and assembly of subassemblies and complex major structures for aircraft manufacturers. Certain statements in this press release that are not purely historical constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , including statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. The information in this press release is based on information available to the Company as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks include, among others, general business and economic conditions and competitive actions as well as other risks and uncertainties. JOHN H. NICHOLSON President and Chief Executive Officer |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion