EarthFirst Canada Inc. - Announces the Results of the Affected Creditor's
Vote on the Creditor's Plan of Arrangement
/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
It is anticipated that Affected Creditors will receive an initial distribution shortly after the sale of the Dokie I project closes, which is anticipated to occur in early November, 2009. If the amalgamation with Maxim Power Inc. is completed as previously announced, then Affected Creditors will receive an additional distribution in the first quarter of 2010.
On
1. Approval for some minor amendments to the Plan including naming the Maxim Power transaction discussed above in the Plan; 2. Declaring that the shareholders of EarthFirst do not have any economic interest in the Plan (as amended by the Amended Plan) and accordingly the shareholders of EarthFirst shall not be entitled to vote either at the Creditors' Meeting, nor at any subsequent Shareholder's meeting, nor otherwise.
As a result of this Order and consistent with prior announcements, there will not be any recovery for EarthFirst's shareholders arising out of the CCAA process and EarthFirst does not expect its common shares and warrants to resume trading on the
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and continuance of CCAA protection. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include the uncertainty involved in the Court proceedings, the uncertainty of closing the above noted transactions and the implementation of a Plan under the CCAA.
The forward-looking information contained in this news release represents the expectations of EarthFirst as at
For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: (877) 513-0777, E-mail: [email protected]; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: (877) 513-0777, E-mail: [email protected]
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