CALGARY, Sept. 25 /CNW/ - Rapid Solutions Corporation (TSX-V: RPD, "Rapid") today announced that 1274116 Alberta Ltd. has foreclosed on its wholly-owned subsidiary, Rapid Solutions USA Corporation, a Texas corporation, pursuant to the security interest granted under a Security Agreement dated April 1, 2008 to secure repayment of financing by 1274116 Alberta Ltd. The security held by 1274116 Alberta Ltd. covers substantially all of the assets of Rapid. Apart from certain office equipment lessors, 1274116 Alberta Ltd. is the only secured creditor of Rapid.
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Forward Looking Information
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact; including without limiting the generality of the foregoing, statements made by the Chief Executive Officer. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Rapid may be affected by a variety of variables and risks associated with the software and technology services industry such as loss of market, competition from other software and technology and service providers, ability to access sufficient debt and equity capital from internal and external sources, ability to expand in the marketplace and to maintain present clientele, ability to generate sufficient cash flow from operations to meet current and future obligations and risks associated with potential future lawsuits and regulatory actions made against the Company. Rapid's business is focused principally on the oil and gas and chemical industries and is therefore subject to all of the risks associated with such industries, including the highly cyclical nature of its economic returns. Forward-looking statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE RAPID SOLUTIONS CORPORATION
For further information: For further information: Michael Jones, CEO, Phone: (403) 451-3105