DRUMMONDVILLE, QC, June 11 /CNW Telbec/ - CVTech Group Inc. ("CVTech")
(Toronto Stock Exchange: CVT), ("TSX") is pleased to announce today that it
has closed the second tranche of a private financing by the Solidarity Fund
QFL (the "Fund") with the issuance of a debenture bearing a face value of
$3.5M. As announced earlier by CVTech in a Press Release dated August 30,
2006, the total investment by the Fund in CVTech will amount to $15.0M and
will be made in three phases through the subscription by the Fund for, and
issuance by CVTech, of three debentures with respective face values of $9.0M,
$3.5M and $2.5M, the whole subject to approval by the appropriate regulatory
authorities and, with respect to each subsequent tranche, subject to
compliance with a number of prior closing conditions.
The first tranche of this investment by the Fund has been used to finance
part of the cost of acquiring Atelier Adrien Bernard Inc., the purchase of
which was finalized in September 2006. The two other tranches will be used for
the construction of a plant in India and for certain future acquisition
About the Solidarity Fund QFL
With net assets of over $6.8 billion, 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 1,681 companies. It
currently has nearly 570,000 shareholders and has helped, on its own or with
other financial partners, to create, maintain and support over 116,000 jobs.
For more information, visit www.fondsftq.com.
This document may contain forward-looking statements reflecting
management's expectations with respect to future events. 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
Company's management does not assume any obligation to update or revise these
forward-looking statements as a result of new information or future events.
The contents of the present Press Release have not been approved by or
submitted to TSX and consequently TSX assumes no responsibility for the
For more detailed information concerning CVTech, please consult the SEDAR
database at: www.sedar.com of the Company Website at: www.cvtech-ibc.com.
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