Welcome To The Raymor Industries HUB On AGORACOM
A leading Canadian developer of high technology and a producer of advanced materials and nanomaterials
Message: Raymor Provide Updates
| February 13, 2009 |
| Raymor Provide Updates |
| BOISBRIAND, QUEBEC--(Marketwire - Feb. 13, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces that it is continuing its discussions with outside investors to secure a timely capital injection. At this time, it has not yet received an unconditional financing offer. The deadline for obtaining an extension to the Notice of Intent, to file a proposal to creditors, must be made by Monday February 16, 2009. Failure to meet this deadline would imply that Raymor and its subsidiaries would be presumed bankrupt. At this time, the Board of Directors considers that it is unlikely that this deadline will be met. As a result of filing a notice of intent, SE Techno Plus Inc., subsidiary of Raymor Aerospace Inc., surrendered its assets in favor of its financial institution, whom exercised its securities. At that point, Raymor Aerospace Inc. had no plan to further pursue the activities of SE Techno Plus Inc. Also, we are announcing that two of our board members, Mr. John Mavridis and Mr. Florent Baril resigned as of February 12th, 2009 from the Board of Directors of Raymor Industries Inc. and subsidiaries. "It is unfortunate that this situation occurs at a time of such difficulty in raising financing, this is in large part due to the extremely difficult economic market". said Stephane Robert , President of Raymor. The management intends to continue providing regular updates with respect to both financial position and creditor obligations. 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. |
Loading...
Loading...
New Message
Please
login
to post a reply