MONTREAL, March 4 /CNW Telbec/ - ExelTech Aerospace Inc. (TSX Venture: XLT) announced today that it has sought and obtained from the Superior Court of Quebec an extension of the protection under the Bankruptcy and Insolvency Act (Canada). As a consequence, all recourses of ExelTech's creditors are stayed for a period of forty-five (45) days. During this time, ExelTech will continue evaluate the possible sale of assets to interested parties. No definitive agreements have been entered into at this time and there can be no assurance that any such agreements will be concluded.
As previously announced, RSM Richter Inc. has been appointed interim receiver of the assets of ExelTech Canada Inc., a wholly-owned subsidiary of the Corporation. RSM Richter Inc. will post the Court filings and other information relating to ExelTech on its website.
ExelTech also announced today that it has been advised by the TSX Venture Exchange that it has suspended trading in the Corporation's securities as a result of a Cease Trade Order issued by the Autorité des marchés financiers following the failure by ExelTech to file its financial statements for the quarter ended December 31, 2009 within the prescribed delays.
Neither 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 EXELTECH AEROSPACE INC.
For further information: For further information: Gérard Moretti, Chief Financial Officer, (514) 631-8999, ext. 2406, email@example.com