MONTREAL, May 17, 2012 /CNW Telbec/ - Further to its May 15, 2012 press release and yesterday's market reactions, Noveko International Inc. (TSX: EKO) (the "Company") is pleased to announce that its lenders and their agent, Third Eye Capital Corporation (collectively the "lenders"), have reiterated their support for the Company in light of its recent initiatives. Accordingly, the lenders have confirmed to the Company that they have waived one of the new conditions attached to the credit facility and the debentures issued in favour of the Company, as detailed in the May 15 press release. More specifically, they have waived the requirement that the closing price of the Class A Shares shall not fall below $0.12 up to August 31, 2012. All other conditions referred to in the said press release and in the Company's Management's Report for the third quarter ended March 31, 2012 remain in effect.
Furthermore, the Company wishes to reaffirm its commitment toward its core business, being its air filtration technologies. Accordingly, as indicated into its May 15 press release, the Company has undertaken a strategic evaluation process of its businesses segments but with the clear objective of capitalizing on its most promising technologies, being its air filtration solutions, in order to ultimately optimize the value of its Group. The Company's approach entails focusing and optimizing its efforts and the use of its resources in these most promising areas.
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:
Chantal Vennat, Director,
Investor Relations and Corporate Communications
Noveko International Inc.
Tel: (514) 875-0606