MARKHAM, ON, Dec. 10 /CNW/ - Cygnal Technologies Corporation (TSX:CYN)
today announced that it has obtained an order from the Ontario Superior Court
of Justice (the "Court") extending to January 31, 2008 the period of the
Court-ordered stay of proceedings against Cygnal Technologies Corporation and
its wholly-owned subsidiaries, Cygnal Technologies Ltd. and Accord
Communications Ltd. (collectively, the "Applicants"), and their property under
the Companies' Creditors Arrangement Act. The purpose of the stay of
proceedings is to provide the Applicants with relief designed to stabilize
their operations and business relationships with their customers, suppliers,
employees, and creditors and to provide the Applicants with an opportunity to
develop a plan of arrangement to propose to creditors for the restructuring
of, among other things, some or all of the Applicants' liabilities.
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