What do you think John?
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PEERLESS CARPET CORPORATION
ME;TSE SYMBOL: PRG
APRIL 29, 1997
Current Peerless Carpet Banking Agreement Prolonged -
Three Week Extension to Accomodate New CEO
ACTON VALE, QUEBEC--Peerless Carpet Corporation today said its
current bank credit facility has been extended to May 20, 1997.
The bank agreement was to have expired Wednesday, April 30th.
In making the announcement, Peerless Chief Financial Officer,
Raoul F. Heredia explained the brief extension is in light of the
March 17th, 1997 appointment of Jeff Casselman as President and
Chief Executive Officer. Discussions are continuing to conclude a
longer term commitment.
"Both parties agreed that the extra time was warranted to provide
Mr. Casselman with the opportunity to become fully familiar with
this important dossier."
Peerless Carpet Corporation is Canada's largest manufacturer of
tufted broadloom carpet, which is marketed under the Peerless,
Peerless Ensemble, Peerless International, Barrymore and Devon
Manor labels. The company is also the Canadian leader in the
production of tufted bath and accent rugs. Based in Acton Vale,
Quebec, Peerless Carpet Corporation has affiliates in the United
States, Europe, and Australia. Company shares are traded on both
the Montreal Exchange and the Toronto Stock Exchange under the
symbol PRG.
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