OTTAWA, Oct. 23 /CNW/ - Avalite Inc. (TSX.V: ALV.H) today reported results from its third quarter ended September 30, 2009. The information provided in this press release should be read in conjunction with the Corporation's unaudited interim Financial Statements and Management Discussion and Analysis for the third quarter of 2009, found on SEDAR at www.sedar.com.
During Q3 2009, Avalite Inc. actively traded on the NEX. Total assets at September 30, 2009 were $1,138,251, and the Corporation had working capital of $1,115,396.
"On October 9, 2009 we settled final closing accounts of R.A. Misener Telecom Corporation with Omniglobe Networks Inc.", stated Ralph Misener, CEO. "Following completion of the working capital adjustments, a total of $353,700 was released from escrow to Avalite Inc. Senior Management is actively researching business re-organization alternatives for a potential reverse take-over transaction. In absence of a suitable transaction, management will consider a distribution of cash to shareholders."
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of this release.
SOURCE AVALITE INC.
For further information: For further information: R.A. (Ralph) Misener, President and CEO, Tel: (613) 791-7780, Email: firstname.lastname@example.org