OTTAWA, Aug. 28 /CNW Telbec/ - Plaintree Systems Inc. (Plaintree, OTC BB:
LANPF), today reported that on August 28, 2007 it was granted an order from
the Superior Court of Justice (the "Court") extending the time for calling its
annual meeting of shareholders by six months to March 31, 2008. The grounds
for the application to the Court included restructuring options which may
require a special shareholders' meeting in the near future.
Plaintree continues to investigate sources of financing. However, if
Plaintree is not successful in obtaining the necessary funding and/or if
Plaintree does not meet its existing forecast, continuation of the existing
business may not be viable. There can be no assurance that Plaintree will be
able to raise additional capital or that anticipated revenues will materialize
or be at a level sufficient to sustain Plaintree's operations.
Ottawa-based, Plaintree Systems Inc. (www.plaintree.com), founded in
1988, through its wholly-owned operating subsidiary, develops and manufactures
the WAVEBRIDGE series of Free Space Optical wireless links using Class 1,
eye-safe LED (Light Emitting Diode) technology providing high-speed network
connections for ISPs, traditional telcos, GSM or cellular operators, airports
and campus networks. Acting as a replacement for cable, fiber or radio
frequency systems, the WAVEBRIDGE links offer broadband access with no
spectrum interference problems, and same day installation for rapid network
Plaintree is publicly traded in the U.S. on the OTC BB (LANPF), with
90,221,634 shares outstanding.
This press release may include statements that are forward-looking and
based on current expectations. The actual results of the company may differ
materially from current expectations. The business of the company is subject
to many risks and uncertainties, including changes in markets for the
company's products, delays in product development and introduction to
manufacturing and intense competition. For a more detailed discussion of the
risks and uncertainties related to the company's business, please refer to
documents filed by the company with the U.S. Securities and Exchange
Commission, including the Company's Form 20-F dated August 28, 2006.
For further information:
For further information: Lynn Saunders, (613) 623-3434