QUEBEC, Nov. 26 /CNW Telbec/ - Atrium Innovations Inc. "Atrium"
(TSX: ATB) today announced that it has obtained additional financing of
$36.6 million CDN from the Solidarity Fund QFL. This firm, five-year credit
facility, provided as a non-convertible subordinated debt, is subject to full
repayment at the end of the loan term.
"This new credit facility has been granted at the right time in our
development. We can make use of it at any opportune moment to support our
growth strategy. This strategy is based on a program of targeted acquisitions,
which are aimed at quickly generating major, positive commercial and financial
results for the Company," said Mr. John Dempsey, Vice President, Finance and
Chief Financial Officer of Atrium.
"We are very proud to support Atrium Innovations in its development. Our
partnership first began during Atrium's start up in 2000 and continues today
as the company makes acquisitions. We have full confidence in the executive
team, which we are committed to supporting," said Mr. Michel Lagueux, Senior
Vice President, Life Sciences at the Solidarity Fund QFL.
The Company modified its revolving credit facility in July 2007 to
increase Atrium Innovations' financial flexibility and enable it to pursue its
acquisition strategy in each of its divisions. It increased its borrowing
capacity to $350 million US, with the possibility of further increasing it to
$425 million US under certain conditions. As at September 30, 2007, the
Company had borrowed $265.3 million US under this facility.
Solidarity Fund QFL
With net assets of over $7.2 billion as at May 31, 2007, the Solidarity
Fund QFL is a development capital company that through its RRSP channels the
savings of Quebecers into investments in all sectors of the economy to help
create and maintain jobs and to further Québec's economic growth. The Fund is
a partner, either directly or through its network members, in 1,696 companies.
It currently has nearly 575,000 shareholders and has helped, on its own or
with other financial partners, to create, maintain and protect over
122,000 jobs. For more information, visit www.fondsftq.com.
Atrium Innovations Inc. is a recognized leading developer, manufacturer
and marketer of science-based products for the cosmetics, pharmaceutical,
chemical and nutrition industries. The Company focuses primarily on growing
segments of the health and personal care markets which are benefiting from the
trends towards healthy living and the ageing of the population. Atrium markets
a broad portfolio of active ingredients, specialty chemicals and health and
nutrition finished products through its highly specialized sales and marketing
network in more than 50 countries, primarily in North America, Europe and
Asia. Atrium has over 600 employees and operates four manufacturing
facilities. Additional information about Atrium is available on its Web site
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their nature,
necessarily involve risks and uncertainties that could cause actual results to
differ materially from those contemplated by these forward-looking statements.
The Company considers the assumptions on which these forward-looking
statements are based to be reasonable, but cautions the reader that these
assumptions regarding future events, many of which are beyond its control, may
ultimately prove to be incorrect since they are subject to risks and
uncertainties that affect the Company. For additional information with respect
to these and other factors, see the Company's quarterly and annual filings
with the Canadian securities commissions. The Company disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, other than as required
For further information:
For further information: Investor Relations: John Dempsey,
Vice-President, Finance, and Chief Financial Officer, (418) 652-1116, ext.
287, email@example.com; Media Relations: Frédéric Tremblay, HKDP,
(514) 395-0375, ext. 234, firstname.lastname@example.org; Josée Lagacé, Solidarity Fund
QFL, (514) 850-4835, email@example.com