MARKHAM, ON, March 7 /CNW/ - Cygnal Technologies Corporation ("Cygnal")
(TSX: CYN) today announced that, pursuant to meetings (together the "Creditor
Meetings" and each a "Creditor Meeting") held earlier today with affected
creditors (the "Creditors") of Cygnal, Cygnal Technologies Ltd. and Accord
Communications Ltd. (together, the "Applicants"), the Applicants obtained
approval from their Creditors for their joint plan of arrangement and
reorganization dated January 29, 2008 (the "Plan"). For the Plan to be
approved by a class of Creditors in accordance with the Companies' Creditors
Arrangement Act ("CCAA"), it had to be accepted by an affirmative vote of not
less than a majority in number of Creditors representing two-thirds (66 2/3%)
in value of the claims in that Creditor class voting at the applicable
At the Creditor Meetings, the required majority of each class of
Creditors resolved to authorize, approve and adopt the Plan. Notwithstanding
the resolutions of each class of Creditor, the directors of the Applicants
remain authorized and empowered to amend or not proceed with the resolution in
accordance with the Plan.
The Plan must also be sanctioned by a final order of the Ontario Superior
Court of Justice under the CCAA, for which a hearing is scheduled for March
It is currently anticipated that the Plan will be implemented and become
effective on or before April 1, 2008.
Cygnal Technologies is in the business of providing network
communications solutions including the design, integration, installation,
maintenance and management of wired and wireless solutions and networks.
Cygnal Technologies has expertise in voice, video and data solutions over
traditional and next generation converged technologies. Cygnal Technologies
Corporation is headquartered in Markham, Ontario.
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 Cygnal
Technologies to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements,
including the risks, uncertainties and other factors discussed in this press
release, risks associated with Cygnal Technologies' restructuring process and
the risks, uncertainties and other factors discussed in Cygnal Technologies'
filings with securities regulatory authorities. Actual results and
developments are likely to differ, and may differ materially, from those
expressed or implied by the forward-looking statements contained in this press
release. Cygnal Technologies specifically disclaims any obligation to update
these forward-looking statements. These forward-looking statements should not
be relied upon as representing Cygnal Technologies' views as of any date
subsequent to the date of this press release.
For further information:
For further information: Jeff Codispodi, Investor Relations, The Equicom
Group Inc., (416) 815-0700 ext. 261, firstname.lastname@example.org.