DRUMMONDVILLE, QC, June 12 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or
the "Corporation") (Toronto Stock Exchange: CVT) announces that the Solidarity
Fund QFL (the "Fund"), a registered holder of an unsecured convertible
debenture of a par value of $3,500,000 issued by CVTech on June 11, 2007 (the
"Debenture"), has exercised on May 28, 2008 its right to convert $525,000 from
the outstanding capital of the Debenture into 375,000 voting shares of the
stock capital of the Corporation at a conversion price of $1.40 per share.
The partial conversion of the Debenture reduces the Corporation's debt of
the same amount and brings the Fund's investment at 3,755,000 shares,
approximately 6.8% of the stock capital of the Corporation.
CVTech is a management corporation. Some of its subsidiaries design,
manufacture and sell continuously variable transmissions ("CVT"). Another
subsidiary, Thiro Ltd. ("Thiro"), provides services for the construction and
maintenance of electrical transmission and distribution lines. It has two
indirect subsidiaries: Thiro USA Inc. ("Thiro USA") and J.J.L.
Déboisement inc. ("J.J.L."). Thiro USA, like Thiro, provides services for the
construction and maintenance of electrical transmission and distribution
lines. J.J.L. specializes in vegetation control on rights-of-way for
transmission and distribution lines. The subsidiary CVTech-AAB inc.
specializes in the rebuilding of crankshafts and reconditioning of cylinders,
and in the distribution of engine parts.
CVTech is the owner of the trademarks and CVTech R&D inc. holds the
intellectual property on products which are part of its technological
CVTech currently has a staff of approximately 625 employees comprising
164 employees in the CVT systems and related products segments and 461
employees in the electricity segment.
The present document may contain forward-looking statements that reflect
the current expectations of management with regard to future events. These
forward-looking statements depend on a certain number of factors and are
subject to risks and uncertainties. The actual results could differ from those
anticipated. Management undertakes no obligation to update or revise the said
forward-looking statements on receipt of new information or subsequent to
future events other than the ones required by law.
For further information with regard to CVTech, the reader is invited to
consult the SEDAR database and the Corporation's Website at:
For further information:
For further information: André Laramée, MBA, President and CEO, CVTech
Group Inc., (819) 477-3232; Mario Trahan, CMA, Chief Financial Officer, CVTech
Group Inc., (819) 477-3232