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CrossOff Incorporated Negotiating New Financing
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Monday, May 29, 2006 |
HALIFAX, May 29 /CNW/ - CrossOff announced today that it is currently in
the process of negotiating for a new financing for the purpose of paying out
the principal amount of its 9% Class A Unsecured Convertible Subordinated
Debentures which are scheduled to mature on May 31, 2006. CrossOff will be
holding a previously announced meeting of the debenture holders on Tuesday,
May 30, 2006 at 9:00 am in Halifax, Nova Scotia. At that meeting, the
debenture holders are expected to consider an extraordinary resolution to
extend the maturity date of the debentures for a period of three months to
August 31, 2006 to permit the financing to be completed. Upon extension,
CrossOff intends to continue to pay interest on the debentures at the
prescribed rate of 9%, with an interest payment being made on or about
May 31, 2006.
About CrossOff
CrossOff Incorporated is a Canadian based corporate training and
consulting company. CrossOff is traded on the Toronto Stock Exchange as OFF.
More information is available on the company's website at www.crossoff.com.
This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Corporation to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. The
Corporation specifically disclaims any obligation to update these forward-
looking statements. There can be no assurance that the financing will be
completed or that other forward-looking statements will prove to be accurate
and readers should not place undue reliance on forward-looking statements.
For further information: please contact: Colleen Moorehead, CrossOff Incorporated, (416) 964-8688 x 2200 (Tel), cmoorehead@crossoff.com |
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