GBO temporarily suspends its operations
STE-MARIE DE BEAUCE, Qc, Sept. 7, 2011 /CNW Telbec/ - GBO Inc. ("GBO" or the "Company") (TSXV: GBO), manufacturer of "Bonneville" windows and doors, announces that, due to liquidity issues, it has temporarily suspended its operations effective immediately.
These issues are preventing the Company from purchasing the raw materials required to fulfill orders. Until a solution is found, the Company deemed it best to suspend operations.
The Company will be reviewing its operations, its debts and obligations to its creditors and consider all restructuring options available to it.
Furthermore, all directors except for Mr. Christopher Wood, Chairman of the Board and Chief Executive Officer, have resigned from the Board of Directors effective immediately.
Founded in 1946, GBO Inc. is an important Canadian window and door manufacturer. The Company designs, develops, manufactures, markets and distributes a selection of mid-range and high-end energy-efficient wood window arrangements, doors and accessories, sold primarily under the "Bonneville" and "Polar" brands. Recently, GBO launched a line of innovative fenestration products resistant to hurricanes and other impacts. The Company sells its windows and doors to the home improvement and construction markets mainly in Quebec, Ontario, the Maritimes and the Eastern and Southern eastern United States. GBO mainly serves independent building material distributors, distributors specializing in windows, doors and millwork, certain retailers, as well as construction and renovation contractors.
The statements set forth in this press release that describe GBO's objectives, projections, estimates, expectations or forecasts may constitute forward looking statements within the meaning of securities legislation. GBO would like to point out that, by their very nature, forward-looking statements involve a number of risks and uncertainties such that actual results or the measures it adopts could therefore differ materially from those indicated or underlying these forward-looking statements, or could have an impact on the degree of realization of a particular projection. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by the forward-looking statements. Unless required to do so pursuant to applicable securities legislation, GBO's management assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements based on the Company's the current outlook regarding the future. Such information involves a number of risks, uncertainties and assumptions. Actual results and events could differ materially from those indicated or underlying the forward-looking statements.For further information:
|Source :||GBO Inc.|
| Contact : || Christopher M. Wood, Chairman of the Board and Chief Executive Officer |