BOUCHERVILLE, QC, June 27, 2012 /CNW Telbec/ - Noveko International Inc. ("Noveko") continues to refocus its activities in the air filtration segment and is relinquishing its 70% interest in Noveko Algérie in consideration for the reimbursement, at the date of closing, of all its advances to Noveko Algérie, amounting to $1,400,000. As previously announced on May 15, the funds generated by this assignment shall be used to reduce Noveko's debt. This transaction is subject to the approval of the Toronto Stock Exchange.
"Our decision to relinquish our interest in Noveko Algérie is consistent with our strategy to refocus our activities in the air filtration segment. We continue to work on growing Noveko's activities in this promising market segment, and we are concentrating our energies towards achieving this goal," declared Mr. André Leroux, Chairman of the Board and CEO of Noveko. " By sticking with our strategy, we are also improving our financial situation and reducing our debt," added Mr. Leroux.
Noveko International Inc. offers innovative solutions in the environmental and medical fields worldwide. Through its subsidiaries, the Company specializes in the following business segments: the development, manufacturing and marketing of derivative products from its patented antimicrobial filtration technologies, mainly air filters, surgical masks and respirators, as well as other products with antibacterial properties, notably hand sanitizers - and the development, manufacturing and marketing of medical equipment, including portable real-time ultrasound scanners for use in human and veterinary medicine.
Certain statements set forth in this press release constitute forward-looking statements. In some cases, these statements are identified by the use of terms such as "may", "could", "might", "intend", "should", "expect", "project", "plan", "believe", "estimate" or other comparable variants. These statements are based on the information available at the time they are written, on assumptions made by management and on the expectations of management, acting in good faith, regarding future events, including those relating to economic conditions, fluctuations in exchange rates and operating expenses, and the absence of unusual events entailing supplementary expenditures. Although management considers these assumptions and expectations reasonable based on the information available at the time they are written, they could prove inaccurate. Forward-looking statements are also subject, by their very nature, to known and unknown risks and uncertainties such as those related to the industry, acquisitions, labour relations, credit, key officers, supply and product liability. The actual results of Noveko International Inc. could differ materially from those indicated or underlying these forward-looking statements. The reader is therefore recommended not to unduly rely on these forward-looking statements. Forward-looking statements do not reflect the potential impact of special items, any business combination or any other transaction that may be announced or occur subsequent to the date hereof. Unless otherwise required under securities laws, the Company does not intend and undertakes no obligation to update or revise the forward-looking statements to reflect new information, new events or new circumstances.
For further information:
Source : Noveko International Inc.
Senior Vice-President and Chief Financial Officer
Tel. (514) 875-0606 ext. 312