Canbras Declares Distribution to Shareholders.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Canbras Communications Corp. (NEX NEX abbr. Navy exchange :CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. .H) ("Canbras" or the "Corporation") today announced that it has declared a distribution in the amount of $0.18 per common share (or $9.9 million in the aggregate) to common shareholders of record as of December 9, 2005 (the "Record Date"), which will be payable as of December 22, 2005 (the "Payable Date"). This distribution represents a distribution to shareholders of the proceeds received by Canbras upon the sale of all of its operations (the "Sale Transaction"), which Sale Transaction was concluded on December 24, 2003. Canbras estimates that the final distribution will aggregate approximately $0.10 per share (or $5.5 million), bringing the total amount of distributions (including the initial distribution and this distribution) of proceeds from the Sale Transaction to $0.49 per share (or $27 million). The final distribution will be made after the satisfaction of all remaining liabilities of the Corporation and the receipt by the Corporation of up-dated tax clearance certificates. Estimated remaining total proceeds to be distributed to shareholders of $5.5 million reflect Canbras' net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. as at September 30, 2005 of $16.2 million less this distribution of $9.9 million and estimated net costs of wind-up of $0.8 million (including estimated amounts related to existing contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. ) and assume no unforeseen claims are asserted against the Corporation. 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. This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Canbras with respect to future events.Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, and may contain words like "believe" "anticipate", "expect", "will likely result", or words or phrases of similar meaning.Such statements are subject to a number of important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Whether actual events and developments conform with the Corporation's expectations and predictions are subject to a number of known and unknown risks and uncertainties.Factors that could cause actual events to differ materially from current expectations include, among other things: whether any unforeseen claims are asserted against the Corporation (or its directors and officers) in connection with the winding up and liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the Corporation or otherwise; the timing or amount of distributions of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the Sale Transaction to shareholders; the timing of and costs associated with the final winding up and liquidation of the Corporation; and certain other factors set forth in the Corporation's filings with the 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. securities commissions.In addition, forward-looking statements do not reflect the potential impact of future monetizations of potential assets or any legal or regulatory proceedings that may be announced after these statements are made.Canbras disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Canbras Communications Corp. (NEX BOARD:CBC.H) |
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