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Gold/Mining/Energy : Nuvo Research Inc

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From: axial	10/8/2004 12:13:08 PM
	of 14101

"Dimethaid Research Inc - In the News Globe says Dimethaid arranges three-month loan The Globe and Mail reports in its Friday edition that at Sept. 21, Dimethaid Research had $240,000 of cash against current liabilities of $10.7-million. The Globe's Leonard Zehr writes that Dimethaid, to meet immediate cash requirements, said it has arranged a three-month loan from German businessperson Friedrich Kuhne, who supported a successful dissident proxy challenge last month that saw Rebecca Keeler lose her position as chief executive officer and chairman. Dr. Kuhne is the company's largest creditor. Dr. Kuhne is the company's largest creditor. Dimethaid said it believes it can restructure the remaining payments on $35.2-million owed to Dr. Kuhne. Newly appointed chairman Daniel Chicoine said Dimethaid has also received long-term financing proposals from certain financial institutions and hopes to complete a deal before the end of November. "I'm more optimistic now about the company's chances for survival because of the potential for reducing fixed costs to levels where we can see time lines to profitability being more attainable," he said. Mr. Chicoine said preliminary talks have been held to sell the firm's manufacturing plant in Quebec to a contract drug manufacturer."

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