QUEBEC CITY, Dec. 1 /CNW Telbec/ - Sigma Industries Inc. (TSX Venture Exchange: SIC), a manufacturing company specialized in the production of composite and metal components, today announced that its self-sustaining American subsidiary Sigma OH Industries Inc. ("Sigma OH") has filed for Chapter 11 protection. Sigma OH will continue to operate as a Debtor-in-Possession under applicable United States Bankruptcy provisions. Sigma OH is planning to conduct a sale of its assets under section 363 of the Bankruptcy Code. As at the date of the filing, Sigma OH has an outstanding secured debt of approximately US$5.1 million, essentially with state and local authorities, and accounts payable totalling nearly US$2.2 million.
Sigma OH has two manufacturing facilities located in Jefferson and Ashtabula, Ohio. It specializes in the manufacture of composite parts for the road transportation and public transit industries, namely bus and truck parts, farm machinery parts such as farm tractor hoods, and in the design of the state-of-the-art composite products for the industrial product market.
Management of Sigma Industries believes this process should maximize the value of Sigma OH's assets while further strengthening Sigma Industries' balance sheet in order to pursue the execution of its strategic plan.
ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SIC), a manufacturing company specialized in the production of composite and metal components, has five operating subsidiaries and employs close to 350 people. The Company is active in the heavy-duty truck, coach, transit and bus, train and subway, machinery, agriculture, and wind energy market segments. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
This press release contains certain forward-looking statements with respect to the Company. Such forward-looking statements are dependent upon a certain number of factors and are subject to risks and uncertainties. Actual results may differ from those expected. The information contained in this press release is dated December 1, 2009, the date on which the Directors approved the press release. Management does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except when required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Sigma Industries Inc.
For further information: For further information: Sigma Industries Inc.: Denis Bertrand, President and Chief Executive Officer, (418) 780-3902, firstname.lastname@example.org; MaisonBrison: Martin Goulet, CFA, (514) 731-0000, email@example.com