Correcting...In the joint news release transmitted earlier today for CONSOLTEX GROUP INC. and CLAIRVEST GROUP INC., there should not have been a stock symbol for CLAIRVEST.ST-LAURENT, Quebec--(BUSINESS WIRE)--Jan. 13, 1997-- The complete and corrected version follows: Correction: Consoltex Group Inc. and Clairvest Group Inc. Confirm the Proposed Transaction Announced on December 23, 1996 Consoltex (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME CTX CTX Context (Management; Tandem) CTX Centex Corporation (stock symbol) CTX Centrex CTX Cyclophosphamide CTX Corporate Trade Exchange CTX Cytoxan CTX Cholera Toxin CTX Clinical Trial Exemption ) Clairvest CONSOLTEX GROUP INC. ("CONSOLTEX") and CLAIRVEST GROUP INC. ("CLAIRVEST"), confirm that the proposed transaction announced on December 23, 1996 whereby CONSOLTEX agreed to issue 3.4 million subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. at a price of $1.80 per share to CLAIRVEST was completed today. As part of the transaction, one of the existing members of the CONSOLTEX Board of Directors resigned and three CLAIRVEST nominees were appointed to the Board. As a result of the above described transaction, CLAIRVEST holds 19.97 percent of the outstanding equity securities of CONSOLTEX and 10.3 percent of the votes attached to all outstanding securities of CONSOLTEX. Prior to this transaction, CLAIRVEST did not own any shares of CONSOLTEX. CLAIRVEST previously announced this transaction and a proposed loan with Les Gantiers Holding, B.V. ("Les Gantiers"), the controlling shareholder of CONSOLTEX. Pursuant to its agreement with Les Gantiers, CLAIRVEST shall acquire from Les Gantiers 860,000 subordinate voting shares of CONSOLTEX on or after disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. of the loan. CLAIRVEST may also acquire in excess of the previously announced additional 500,000 subordinate voting shares of CONSOLTEX in the open market or by private agreement, either alone or with others, as opportunities may arise, depending of market conditions CLAIRVEST is a Toronto-based merchant bank that invests in and assists in the management of carefully selected companies. It contributes management expertise as well as capital resources to stimulate the growth and development of its partners in order to build long-term value. CLAIRVEST's Board of Directors includes well known entrepreneurs who have founded successful businesses and committed their own capital to CLAIRVEST. CONSOLTEX GROUP INC. is a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. textile company. Its activities are divided between Polypropylene and Apparel Operations. CONSOLTEX is vertically integrated from the production of yarn (in the Polypropylene Operations) through to weaving, dyeing, printing, finishing and coating; it also conducts its own research and development and maintains its own sales and marketing network throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , including major centers such as Montreal, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles and Mexico City. The Company operates 12 manufacturing plants, six in Canada, one in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , four in Mexico and one in Costa Rica, which together employ approximately 3,500 people. The Company is listed on the Montreal and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CTX. CONTACT: Consoltex Group Inc. C. Suzanne Crawford, 514/335-7024 or Clairvest Group Inc. Ken Rotman, 416/925-2379 ext. 334 |
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