CPM Associates, Inc. to File Plan of Reorganization.
This filing was necessitated by a breakdown of negotiations with the lead lender to CPM. CPM has filed a Lender Liability lawsuit against the bank in the New Hampshire court system in an effort to recover the extensive losses and damages that CPM has suffered from the misconduct of the bank.
By virtue of this filing and soon to be submitted plan of reorganization, CPM will be given the opportunity to potentially re-establish normalized relationships with the many vendors and clients that are a vital part of CPM's future. William J. Poleatewich, Jr., President of CPM, looks at the reorganization as a necessary pro-active step in over coming CPM's ill-fated previous bank relationship and the first step in potentially finalizing a relationship with a large regional bank, which is interested in possibly becoming the lead lender for a reorganized CPM.
CPM's intent is to move through its reorganization as quickly as the process will allow. Several of the larger creditors have expressed favorable responses to preliminary discussions on moving forward with ongoing relationships with CPM and view the recent acquisition of an 80% interest by IMNI as positive.
The current clients of CPM have responded in a manner that leads CPM's management to believe that, as long as the clients' jobs are not adversely affected by the proposed plan of reorganization then these clients will not oppose this plan of action.
IMNI intends to aid CPM in every permissible manner to move CPM through this period and on to a profitable future.
Safe Harbor Disclosure
This Press Release contains or incorporates by reference "forward-looking statements," including certain information with respect to plans and strategies of Interactive Multimedia Network, Inc. For this purpose, any statements contained herein or incorporated herein by reference that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the forgoing, the words "believe(s)," "anticipate(s)," "plan(s)," "expect(s)" and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause actual events or actual results of IMNI to differ materially from these indicated by such forward-looking statements.
CONTACT: William J. Auletta at 1.800.373.8667 or e-mail email@example.com
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|Date:||Jan 22, 1999|
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