SHERBROOKE, QC, April 23 /CNW Telbec/ - Shermag Inc. announces today that all steps of the corporate reorganization leading to its privatization have been completed. Shermag has obtained from the Autorité des Marchés Financiers and from the Ontario Securities Commission the decisions confirming the complete revocation of the cease trade order and the revocation of its reporting issuer status.
Groupe Bermex Inc. became the unique shareholder of all the Company's issued common shares and can now pursue the implementation of its plan to relaunch Shermag's activities.
Shermag, headquartered in Sherbrooke, Québec, is an importer and a manufacturer of quality residential furniture. Shermag presently has more than 200 active employees and has manufacturing operations and a global sourcing division.
Groupe Bermex Inc., founded in 1983 and headquartered in Maskinongé, Québec, is one of North America's largest furniture manufacturers and presently has, including Shermag, 794 active employees throughout 14 manufacturing plants, one development centre, two distribution centres and administrative offices with head office located in Maskinongé.
SOURCE SHERMAG INC.
For further information: For further information: Mr. Michel Martineau, CA, CBV, Vice-President, Strategic Development, Groupe Bermex Inc., (819) 601-8702