Concert Industries Receives Extension of CCAA Order and Annual Shareholders Meeting Deadline.GATINEAU, Quebec -- Concert Industries Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ) today announced it has been granted an extension to September 30, 2004 of the initial order from the Quebec Superior Court Quebec Superior Court is the highest trial Court in the Province of Quebec, Canada. It consists of 144 judges who are appointed by the federal government following the recommendation of the Premier of Quebec. under the Companies' Creditors Arrangement Act ("CCAA CCAA Comunidades Autónomas CCAA China Center of Adoption Affairs CCAA Companies' Creditors Arrangement Act (Canada) CCAA California Collegiate Athletic Association CCAA Commercial Collection Agency Association "). The Company also announced that its Canadian banking syndicate line of credit has been extended accordingly. The additional time was requested by the Company so that it may continue working with its senior secured lenders in order to propose a plan of arrangement. The entire text of the Court order and the report of PricewaterhouseCoopers, the Monitor, will be made available through the Company's website at www.concert.ca and through the Monitors website at www.pwc.com/brs-concertgroup.The Monitor has a direct telephone number, 613-755-5981, dedicated to Concert Industries, which creditors and other interested parties may use to contact the Monitor. In light of the CCAA process currently underway, the Company has obtained approval of an application to extend the statutory deadline to hold its 2004 annual shareholders meeting before June 30, 2004. The Company's financial statements for the year ended December 31, 2003, along with Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of those results, can be found on the SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review website, www.sedar.com. Company profile Concert Industries Ltd. is a company specializing in the development and manufacture of cellulose fiber based non-woven fabrics using airlaid manufacturing technology. Concert's products have superior absorbency capability and are key components in a wide range of personal care consumer products, including feminine hygiene Feminine hygiene is a general term used to describe products used by women during menstruation, vaginal discharge, and other bodily functions related to the vulva. Sanitary Towels (also known as maxi-pads or napkins), pantiliners, tampons, and feminine wipes are the major and adult incontinence products. Other applications include pre-moistened baby wipes, disposable medical and filtration applications and tabletop products. The Company has manufacturing facilities in Canada, in Gatineau and Thurso, Quebec, and in Germany, in Falkenhagen, Brandenburg. Forward-Looking Statements Statements contained in this press release that are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include among others: competition, reliance on new products, management of growth and expansion, product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , reliance on major customers and suppliers, start-up of new manufacturing facilities, foreign currency, government regulation and intellectual property rights. |
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