New Permanent Financing In Place
BURLINGTON, ON, April 4 /CNW/ - IPICO Inc. ("IPICO" or the "Company")
reported today that it has completed the implementation of the
restructuring proposal referred to in its news releases of March 17,
2011 and February 18, 2011 and will continue business as a wholly owned
subsidiary of Trilon Bancorp Inc ("Trilon"), an affiliate of Brookfield
Asset Management Inc. All of the directors of IPICO have resigned and
been replaced with nominees of Trilon, and the shares of IPICO are no
longer listed for trading on any stock exchange.
As a result of the restructuring, all of the senior secured debt has
been extinguished and Trilon has provided the Company with a permanent
credit facility to fund its operations. "We are pleased to be able to
refocus our efforts on developing leading RFID solutions for our
customers", said Gordon Westwater, President & CEO of IPICO.
ABOUT IPICO Inc. IPICO Inc. is an RFID solution supplier with operations in Canada, USA,
South Africa and Asia. IPICO produces smart labels, tags and readers
based on the IP-X communication protocol. IPICO products excel at long
read range, fast multi-read anti-collision and high thrubeam
read-speeds of dynamic tag populations, and allow for multi-reader
rollout. Its products are designed to meet regulatory requirements.
IPICO's products are used to optimize the management of products,
equipment, people, animals and processes within the logistics and other
value chains and include its leading Sports TimeKeeping solutions. For
further information, go to www.ipico.com and www.ipicosports.com
Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has
approximately $100 billion of assets under management and is co-listed
on the New York, Toronto and NYSE Euronext stock exchanges under the
symbol BAM. For more information, please visit our web site at www.brookfield.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE IPICO Inc.
For further information:
Gordon Westwater, President & CEO, IPICO Inc.
T: (905) 631-6310 E: firstname.lastname@example.org
Andrew Willis, Senior Vice President, Communications and Media, Brookfield Asset Management
T: (416) 369-8236 E: Andrew.Willis@brookfield.com