Kree Tech's subsidiary files an assignment for bankruptcy



    Kree Tech also announces change to board of directors

    TSX-V: KT

    ST-HUBERT, QC, June 25 /CNW/ - Kree Tech International Corporation
("Kree" or "the Corporation") (TSX-V: KT), today announced that its Canadian
subsidiary, Kree Technologies Inc., located in St. Hubert Quebec, has filed
for bankruptcy. This action was taken due to the continuing decline in the
company's financial position and its inability to generate sufficient revenues
to cover its obligations. This happens a little over a month after Kree
Technologies USA Inc (Kree Technologies Inc's subsidiary) closed its plant in
Clearwater, Florida.
    "Our firm has worked strenuously to avoid this bankruptcy" Gregory
Moffat, CEO stated in a prepared statement. "However due to industry overseas
competitors, intense market competition, loss of key customers, and increasing
costs of raw materials we were unable to operate profitably."
    In addition Kree announces the resignation of Mr. Rob Hutchison from the
Board of Directors.
    The Board of Directors of Kree is seeking new opportunities to protect
Kree's shareholders best interests, including, but not limited to, the
potential sale of the Corporation.

    This release contains various forward-looking statements as of the date
hereof and we undertake no obligation to update these statements regardless of
new developments or otherwise, except in accordance with applicable securities
laws. Statements in this release that are not historical are forward-looking
statements. Such statements are subject to various risks and uncertainties
that could cause actual results to vary materially from those stated. Such
risks and uncertainties include but are not limited to: economic conditions in
various regions, product and price competition, supplier and raw material
prices, foreign currency exchange rate changes, interest rate changes,
increased legal expenses and litigation costs and other risks and
uncertainties described more fully in the Corporation's annual filings on
SEDAR.

    %SEDAR: 00020408EF




For further information:

For further information: Greg Moffat, Chief Executive Officer, Kree Tech
International Corporation, (727) 540-9295, gmoffat@kreetech.com

Organization Profile

KREE TECHNOLOGIES INTERNATIONAL CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890