OTTAWA, March 3, 2015 /CNW/ - Plasco Energy Group Inc. ("Plasco", together with its Ottawa-based affiliates, the "Company") announced today that it has obtained an order from the Ontario Superior Court of Justice (Commercial List) granting a stay extension under its current CCAA proceedings to May 8, 2015.
"Plasco will continue to explore potential strategic alternatives that may be available to the Company, including those that may provide the Company the funding required to pursue commercial development of its technology as part of the Company's CCAA proceedings" said Randall Benson, Chief Restructuring Officer.
Plasco previously announced that it had engaged Houlihan Lokey Capital, Inc. as its financial advisor to assist the Company in identifying potential purchasers or investors in the business.
Additional information regarding the Company's CCAA proceedings, including court materials, will be made publicly available on the Monitor's website at www.ey.com/ca/plasco.
About Plasco Energy Group Inc.
Plasco is an innovative technology company based in Ottawa, Canada. Plasco's conversion technology is a sustainable solution that helps communities achieve their landfill diversion and renewable energy goals. Plasco recovers high value from post-recycled waste and significantly reduces the negative impact waste has on the environment.
SOURCE Plasco Energy Group Inc.
For further information: Plasco Energy Group Inc., (613) 591-9438 ext. 1355; Media contact: Joel Shaffer, Longview Communications, (416) 649-8006