Ced-Or Corporation: Agreement on a Debt Settlement of $1,200,000 CA.MONTREAL -- Ced-Or Corporation ("Ced-Or") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:COQ) is pleased to announce that Groupe Manexco inc. ("Manexco"), the majority shareholder of Ced-Or, has agreed to convert a debt settlement of $1,200,000 (CA) it holds against Ced-Or into common shares in the capital stock of Ced-Or. Under the terms of the conversion, Manexco will receive a total of 8,000,000 common shares in the capital stock of Ced-Or at a price of $0.15 (CA) per share, subject to regulatory approval. This conversion of debt will improve Ced-Or's financial situation.The debt of $1,200,000 (CA) held by Manexco against Ced-Or is comprised of debts incurred by Ced-Or and in its subsidiary Ced-Or Lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to Inc. ("COL") from various suppliers plus cash advances from Manexco to Ced-Or during the last few months, Coincidentally co·in·ci·den·tal adj. 1. Occurring as or resulting from coincidence. 2. Happening or existing at the same time. co·in , Ced-Or is currently working actively on the completion of the final financing phase of its OSB OSB abbr. Order of Saint Benedict and value-added panel plant project in Bearn, Quebec in the Temiscamingue region. Ced-Or expects to conclude the financing phase in time to begin construction in 2005. Ced-Or common shares trade on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. The TSX Venture Exchange is not responsible in any way whatsoever for the authenticity or accuracy of this release. CED-OR CORPORATION (TSX VENTURE:COQ) |
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