TORONTO, Feb. 5, 2019 /CNW/ - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") announces that as of September 30, 2018, the Company was in violation of certain financial covenants contained in its Revolving Loan and Term Loan dated November 21, 2017. The Company is currently in discussions with its Senior Lender with respect to potential remedies.
In addition, the board of directors of the Company has formed a special committee whose mandate is, among other things, to (i) oversee the discussions between the Company and its lenders, and (ii) to identify and evaluate potential strategic alternatives.
The Company will provide additional updates as required.
About Distinct Infrastructure Group:
Distinct Infrastructure Group Inc. is a 100% Canadian-owned and operated firm providing design, engineering, construction and maintenance services to telecommunication firms, utilities and governments. Our service offerings include the design, engineering and delivery of underground and aerial construction, as well as inventory management and technical services.
Our mission is to be responsive to the current and future needs of our clients by delivering safe, turnkey solutions that positively impact the communities in which we live and work. We work wherever our clients need us, from our bases in Toronto and Winnipeg.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Distinct is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Distinct cannot assure investors that actual results will be consistent with these forward looking statements and Distinct assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
SOURCE Distinct Infrastructure Group Inc.
For further information: John Nashmi, Chief Financial Officer, Distinct Infrastructure Group, Email: [email protected]