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Canterbury and Its Bank Terminate Lending Relationship.


MEDFORD, N.J. -- Canterbury Consulting Group, Inc. (CITI CITI Columbia Institute for Tele-Information (Columbia University)
CITI Center for Information Technology Integration (University of Michigan)
CITI Collaborative IRB Training Initiative
) reported today that on April 13, 2005 Canterbury paid $552,000 to Commerce Bank in full settlement of its obligations to the Bank in compliance with its loan agreement. With that payment made, Canterbury's borrowing relationship with Commerce Bank has terminated.

Canterbury obtained the funds that it paid to Commerce Bank from Landscape Companies, Inc. which had been indebted to Canterbury pursuant to a demand note and a partially-amortizing note that totaled $3,270,000. Canterbury agreed to cancel those debts in exchange for a cash payment by Landscape Companies, Inc. of $800,000 and delivery of an eight year promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt.  in the principal amount of $2,470,000. The new note provides for straight-line amortization. The Chairman and President of Canterbury together own 44% of the equity in Landscape Companies, Inc.

Canterbury has filed a Form 8-K Form 8-K

The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.


Form 8-K

See 8-K.
 with the Securities and Exchange Commission relating to relating to relate prepconcernant

relating to relate prepbezüglich +gen, mit Bezug auf +acc 
 this event. This filing may be accessed in its entirety on the internet at www.sec.gov or by contacting the Company.

This press release contains 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.
. The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including its Annual Report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the year ended November 30, 2003 and its most recent reports on Form 8-K and Form 10-Q Form 10-Q

See 10-Q.
, copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 18, 2005
Words:338
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