SHERBROOKE, QC, July 18 /CNW Telbec/ - Shermag Inc. (TSX: SMG) today
announced that it is has obtained an order from the Québec Superior Court to
establish a claims process for the purpose of determining the claims of the
creditors of Shermag and for the calling and conducting of a meeting of the
creditors of Shermag once a plan of compromise and arrangement has been filed.
In its order, the Court also set to September 5, 2008 the bar date for
the filing of a proof of claim or a notice of dispute.
Such order will allow Shermag to determine the quantum of claims that
will be subject to any future plan of compromise and arrangement and to deal
with such claims against Shermag.
Shermag has been operating under the protection of the CCAA since May 5,
Shermag Inc., headquartered in Sherbrooke, Québec, designs, produces,
markets and distributes high-quality residential furniture. The Company
employs more than 735 people and is a manufacturer and importer with its own
manufacturing operations and global sourcing division.
This news release contains forward-looking statements about the Company's
operations, objectives, strategies, financial situation and performance. These
statements are made based on assumptions and management's best estimates with
regard to future events. However, the business of the Company is subject to
risks and uncertainties that could cause actual results to differ from
expected results. Important factors that could cause such differences are
changes in pricing pressure being exerted by competitors, particularly
Asian-based companies, or significant movement in the Canadian/US dollar
exchange rate. This is not an exhaustive list. A broader discussion of risk
factors that could affect future performance can be found in the Company's
Annual MD&A and Annual Information Form, filed with Canadian securities
regulatory authorities. Given these risks and uncertainties, investors should
not place undue reliance on forward-looking statements as a prediction of
actual results. The Company disclaims any intention or obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information:
For further information: Shermag Inc., (819) 566-1515