TORONTO, Feb. 19 /CNW/ - Ernst & Young Inc. ("Ernst & Young"), in its capacity as trustee in bankruptcy of the estate of Glendale International Corp. ("Glendale") and not in its personal capacity, is filing an early warning report concerning the acquisition of beneficial ownership of securities of Firan Technology Group Corporation ("Firan").
Pursuant to an assignment in bankruptcy dated January 19, 2010, Glendale became bankrupt and Ernst & Young was named trustee of the estate of Glendale. The administration of the assets of Glendale was thus entrusted to Ernst & Young, including 8,541,987 common shares of Firan, representing greater than 20% of the total issued and outstanding shares of Firan.
Ernst & Young's mandate as trustee in bankruptcy of Glendale is to realize upon the assets of Glendale in an orderly manner and thereafter distribute the proceeds of realization to the creditors of Glendale. Such assets include the estate of Glendale's position in Firan. The timing of any such dispositions will be dependent upon Ernst & Young's assessment of the market conditions for such assets, general economic and financial conditions and other relevant factors.
SOURCE EY (Ernst & Young)
For further information: For further information: or to obtain a copy of the report under the early warning requirements that will be filed by Ernst & Young with the relevant Canadian securities authorities, please contact Rahn Dodick at phone number (416) 943-3034