MONTREAL, April 2 /CNW Telbec/ - MEGA Brands Inc. (TSX: MB) announced
today the execution of the seventh amending agreement to its Credit Agreement
providing for certain further changes to the terms of its Credit Facilities
maturing in 2012. These changes include a waiver of certain covenants for the
quarters ended December 31, 2008 and March 31, 2009 and the alignment of
thresholds of the same covenants for the second, third and fourth quarters of
2009 to the Corporation's 2009 operating plan. The amendment also provides for
certain other restrictions and compliance requirements on the Corporation. The
Corporation will be posting the amending agreement on SEDAR in accordance with
applicable continuous disclosure requirements.
The execution of the amending agreement allows the Corporation's auditors
to finalize the financial statements for the year ended December 31, 2008.
Consequently, the Corporation will publish its financial results and audited
consolidated financial statements and notes on April 6, 2009 before markets
"We are pleased with the continuing support of our lenders," said Marc
Bertrand, President and CEO of MEGA Brands. "With this agreement, we can now
focus on the continued implementation of our Value Enhancement Plan and the
ramp-up of our 2009 product line."
As at December 31, 2008, the Corporation held cash and cash equivalents
of $49.4 million and its liquidity as at April 1, 2009 was substantially at
the same level.
MEGA Brands will file the Management's Discussion and Analysis as well as
the audited consolidated financial statements and notes for the years ended
December 31, 2008 and 2007 via SEDAR and will make them available on the
Corporation's Web site (as of 7:00 a.m.) on April 6, 2009 prior to the
conference call referenced below/prior to the opening of markets.
An analyst conference call will be held at 7:30 a.m. on April 6, 2009 to
discuss the results. Participants may listen to the call by dialing 1 (800)
733-7560. For those unable to participate, a replay will be available until
April 13, 2009. The replay phone number is 1 (416) 640-1917, access code
All statements in this press release that do not directly and exclusively
relate to historical facts constitute "forward-looking statements". These
statements represent the Corporation's intentions, plans, expectations and
beliefs. In certain instances, these statements require us to make assumptions
and there is significant risk that these assumptions may not be correct.
Furthermore, these statements are subject to risks, uncertainties and other
factors, many of which are beyond the Corporation's control. The Corporation
disclaims any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, other than as required by applicable legislation. Readers
are cautioned not to place undue reliance on these forward-looking statements.
More information about the risks that could cause our actual results to
significantly differ from our current expectations can be found in the "Risks
and Uncertainties" section of our third quarter 2008 and 2007 annual MD&A.
About MEGA Brands
MEGA Brands is a trusted family of leading global brands in construction
toys, games & puzzles, arts & crafts and stationery. We offer engaging
creative experiences for children and families through innovative,
well-designed, affordable and high-quality products that deliver on our
Creativity to the Rescue promise. For more information, please visit
The MEGA logo, Creativity to the Rescue, MEGA BLOKS, ROSE ART, MAGNETIX,
BOARD DUDES and MAGNEXT are trademarks of MEGA Brands Inc. or its affiliates.
For further information:
For further information: Analysts and Investors: Eric Phaneuf, (514)
333-5555 ext. 2538, firstname.lastname@example.org; Media: Harold Chizick, (514)
333-5555 ext. 2338, email@example.com