Welcome To The Raymor Industries HUB On AGORACOM
A leading Canadian developer of high technology and a producer of advanced materials and nanomaterials
Message: Working on a Financial Restructuring Plan
| January 16, 2009 |
| Raymor Working on a Financial Restructuring Plan |
| BOISBRIAND, QUEBEC--(Marketwire - Jan. 16, 2009) - Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, announces it has received from its principal financial institution a Notice to Enforce a Security under the article 244(1) of the Bankruptcy and Insolvency Act. Meanwhile, a second Notice to Enforce a Security was received by SE Techno Plus Inc., a subsidiary of Raymor Aerospace, from its financial institution requesting the full repayment of its obligation. The Company is taking the notifications seriously and is presently discussing with both financial institutions in order to resolve the situation. Since the third quarter 2008, the corporation was going through difficult times and was attempting to refinance its operations via different sources of financing. Having failed to comply with payment obligations under both lending agreements, the Company and SE Techno Plus inc. were considered being in default. The Company is presently reviewing all options to resolve the current situation including financing opportunities with two lenders and the sale of a division. In order to facilitate its financial restructuring, the Company is contemplating various alternatives including the use of legal recourse to seek protection against creditors. About Raymor Industries RAYMOR INDUSTRIES INC. (TSX VENTURE:RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending. ON BEHALF OF THE BOARD OF DIRECTORS Stephane Robert, President. |
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