Cintech Solutions Files Voluntary Petition to Reorganize Under Chapter 11.Business Editors CINCINNATI--(BUSINESS WIRE)--March 13, 2003 Cintech Solutions, Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CTM CTM Continuum (gaming) CTM Community Trade Mark (Europe) CTM Cisco Transport Manager CTM Confederacion de Trabajadores de Mexico (Spanish: Confederation of Mexican Workers) ) announced today that its board of directors has authorized the filing of a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of Ohio The District of Ohio was a federal judicial district of the United States created by the Federal Judiciary Act of 1801 which consisted of the Northwest and Indiana Territories. . Today's action was taken to protect the value and viability of Cintech's operations while it works to restructure its liabilities and maximize recovery for the company's stakeholders. "One of Cintech's top priorities is to ensure that its distributors and customers are protected and that they continue to receive products, services and support," said Diane Kamionka, Cintech Solutions' president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The filing will enable the company to conduct business with minimal interruption while a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. is developed." About Cintech Solutions Cintech Solutions provides interaction management technology to mid-market and small businesses in North America. Cintech Solutions' products and services improve customer service and provide rapid return on investment through the intelligent delivery and management of incoming customer contacts. With over 13,000 installations and over 15 years commitment to mid market and small businesses, Cintech Solutions delivers its solutions through an extensive distribution channel across North America. For more information on Cintech Solutions, visit www.cintechsolutions.com. Certain statements in this news release (for example, statements using the expressions "the Company expects" or "the Company anticipates" and other similar statements) contain "forward looking" information (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) involving risks and uncertainties, including without limitation, projections for sales and expenditures, and various business environment and trend projections. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the outcome of the Chapter 11 process and the risks discussed in the Company's periodic filings with the Securities and Exchange Commission. Investors are encouraged to consider the risks detailed in those filings. |
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