LoftWerks, Inc. (LFWK) Announces Waiver of Debt: Consultech Waives $10M Loan in Lieu of Successful Merger With Subsidiary Sulja Bros.
Mar 23, 2006 2:30:00 PM
NASHVILLE, TN -- (MARKET WIRE) -- 03/23/06 -- LoftWerks, Inc. (OTC: LFWK) today announced that its $10M loan obligation with Consultech Construction Management, Inc. has been waived in lieu of the successful merger agreement with CCM's subsidiary, Sulja Brothers Building Materials , Ltd. This was part of the overall prerequisites enumerated by CCM Director General, Petar Vucicevich, as necessary to complete the migration of CCM's Midwest operations into the LFWK public vehicle. LFWK CEO Dennis Ammerman stated that the loan waiver will create an attractive bottom line and share value to loyal investors.
A spokesperson for Consultech Construction Management fully concurred with the announcement and stated that the path to a complete merger of CCM's Midwest operations into the LFWK vehicle was now an imminent formality.
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. |
