Coventree Provides Update on Tai Loans

NEX Symbol:  COF.H

TORONTO, Feb. 2, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") announced today that it has recovered the amounts owing to it by certain companies owned by Dean Tai.

Previously, the Company disclosed that loans totalling approximately $1.62 million as at December 31, 2011 and owed to Coventree by certain companies owned by Dean Tai were in default and that, in order to recover the amounts owing, the Board of Directors had authorized the sale in the market of the 500,000 shares of Coventree pledged by those companies as security for those loans. That sale has now been completed.  Approximately 456,000 shares were sold in the market at an average price of approximately $3.89 per share. As a result, the Company has recovered the amounts owing in respect of the loans in default.

This press release is intended for distribution in Canada only.

Neither the 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.

SOURCE Coventree Inc.

For further information:

Craig Armitage
The Equicom Group Inc.
Tel: (416) 815-0700 x278
Email: carmitage@equicomgroup.com
        Ani Hotoyan-Joly
Coventree Inc.
Tel: (416) 572-2721
Email:  ani@coventree.ca

 

Profil de l'entreprise

Coventree Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.