CanFibre Resumes Trading on TSX Venture Exchange
14:25 EDT Monday, September 23, 2002
TORONTO, ONTARIO--The CanFibre Group Ltd. ("CanFibre"), (YCF: TSX Venture Exchange), announces that it has been approved by the TSX Venture Exchange to resume trading effective September 23, 2002, as an "Inactive Issuer" pursuant to Policy 2.6 of the TSX Venture Exchange (www.tsx.ca).
The company is required to trade as Inactive because it does not meet the Tier 2 Maintenance Requirement that substantially all of its operating assets have not been impaired. With the recent decision by the bondholders of CanFibre of Lackawanna LLC ("the Facility") to take over control of the Facility so that they can prepare it for a sale, CanFibre does not meet this requirement.
During the period that CanFibre maintains the status of Inactive Issuer, CanFibre has agreed to suspend current payments on all Management and Investor Relations contracts and to work toward "Reactivation" as soon as possible.
To qualify for Reactivation, CanFibre is preparing an offer to re-acquire the Facility and expects to make such offer within 90 days. CanFibre expects the offer to involve one or more partnerships with either industry-based or financial-based companies. CanFibre has made significant progress toward this objective since being notified of the bondholder's intent to take over control.
CanFibre also notes that the Lackawanna facility has continued to operate and fill sales orders on a timely basis.
FOR FURTHER INFORMATION PLEASE CONTACT: The CanFibre Group Ltd., Chris Carl, (416) 681-9990, or, Strategic Investor Relations, Tim Reid, (416) 366-0012, The TSX Venture Exchange has not reviewed, and does not accept, responsibility for, the adequacy or accuracy of this release. |
