RICHMOND, BC, June 30 /CNW/ - Ascalade Communications Inc. ("the
Company") (TSX: ACG) announced today that it has accepted the resignations of
John Kim and Henry Quan from its board of directors, and that all of the
Company's remaining staff members in Canada have been released from their
employment, all effective as of today's date. The Company's wishes to thank
each of these individuals for their service.
The Company also announced that Troy Bullock and Greg Allen will be
joining its board of directors, effective as of today's date. With these
changes, the Company's current board of directors is comprised of Greg Allen,
Troy Bullock and Edmund Ho.
The Company is providing this update in accordance with Ontario
Securities Commission Policy 57-603 Defaults by Reporting Issuers in Complying
with Financial Statement Filing Requirements (the "OSC Policy"). In accordance
with the OSC Policy, the Company confirms that, except as disclosed in this
press release, or in press releases dated April 2, 2008, April 9, 2008, April
29, 2008, May 14, 2008, May 21, 2008 and June 24, 2008 issued by the Company
since its initial default announcement dated March 31, 2008: (i) there is no
material change to the information set out in its initial default announcement
filed pursuant to the OSC Policy, (ii) there has been no failure by the
Company to adhere to the "Alternative Information Guidelines" set out in the
OSC Policy with respect to the financial statement filing default, and (iii)
there is no other material information concerning the affairs of the Company
that has not been generally disclosed.
Any recovery in the CCAA for creditors and other stakeholders of the
Company, including shareholders, is uncertain and is highly dependent upon a
number of factors, including the recovery from the sale of the factory,
equipment and inventory in the PRC and the outcome of the Scheme in Hong Kong.
For further information:
For further information: about the Company or the CCAA proceedings, see:
http://www.ascalade.com or http://www.deloitte.com/ca/ascalade