Correction from source -- Ressources Temisca Inc. -- settlement with creditors.MONTREAL--(BUSINESS WIRE)--Jan. 13, 1995--Ressources Temisca Inc. (ME: TMS TMS Transcranial Magnetic Stimulation (alternative medicine for depression) TMS Test Match Special (sports - cricket) TMS Texas Motor Speedway TMS Transportation Management System TMS Toyota Motor Sales ) Temisca Silice Inc., subsidiary of Ressources Temisca Inc., has filed a proposal to its creditors, in accordance with the law concerning settlements with creditors. The firm Provencher Barrette, Lawyers, is appointed to act in the name of the Company in this matter. The meeting of creditors One of the first steps in federal Bankruptcy proceedings whereby the creditors of a debtor meet in court to present their claims against him or her and a trustee is named to handle the application of the debtor's assets to pay his or her debts. is scheduled for January 30, 1995. The Company is hopeful that the settlement proposal will be accepted. The first profit on operations took place for the month of November 1994 after six months of financial losses during the breaking in period of the plant. The Company has received written financing proposals from a Canadian Chartered Bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission , a regional venture capital firm and three private investors. The financing would be obtained through indebtedness and through equity (preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. ) in the operating company operating company A business that engages in transactions with outsiders. . The Company is presently studying the proposals received and a decision will be taken after the meeting of the creditors. During the six months breaking in period, technical problems have been solved and the costs of production reduced in half. During the last twelve months, more than 13,000 tonnes of silica were sold. A distribution network now covers Ontario and Quebec. The firm is hopeful of doubling its sales during the next 12 months, in line with its order book which includes signed contracts and the sales potential of its distribution network. The production and sales activities are continuing normally at Gigues. CONTACT: Gilles Fiset
President
819/797-8668
819/797-6050 (fax)
REPEATS: 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 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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