Alta Gold Co. Bankruptcy Court Continues Motion to Dismiss
LAS VEGAS--(BUSINESS WIRE)--Sept. 1, 1999--Alta Gold Co. (OTC BB:ALTAQ - news) Wednesday announced that the United States Bankruptcy Court has granted a continuance of the company's Motion to Dismiss its Chapter 11 bankruptcy proceeding and has established Sept. 8, 1999, as the continuance hearing date.
As previously reported, the company filed the Motion to Dismiss on the basis of an offer the company received from a potential investor for the purchase of an interest in Olinghouse. The hearing to grant the Motion to Dismiss was continued in order to provide the company additional time to finalize the terms of the proposed sale.
The company believes that the only source of additional capital that may be available to the company, given the company's current financial condition, is from the sale of an interest in Olinghouse.
In the event that the company does not consummate a sale within a very short period of time, the company's ability to remain a debtor-in-possession or to continue its limited operations is in doubt. No assurance can be given that any sale will be consummated in a timely manner, or that the company will be able to continue its limited operations.
This news release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as management's expectations regarding its ability to emerge successfully from Chapter 11 bankruptcy proceedings, to remain a debtor-in-possession, to consummate the sale of an interest in Olinghouse, or to continue its limited business operations. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. Further information on potential factors that could affect the financial condition and results of operations of Alta are included in the filings of Alta with the Securities and Exchange Commission, including, but not limited to, Alta's annual report on Form 10-K for the fiscal year ended December 31, 1998, and its quarterly reports on Form 10-Q for the quarters ended March 31, 1999 and June 30, 1999.
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Contact:
Alta Gold Co.
Margo Bergeson, 702/433-8525
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