Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

January 18, 2007 12:51 ET

GCO Files its Default Status Report

QUEBEC CITY, QUEBEC--(CCNMatthews - Jan. 18, 2007) - Groupe Conseil Omnitech Inc. ("GCO") (TSX VENTURE:GCO) files its Default Status Report in compliance with CSA Staff Notice 57-301.

GCO's directors and officers are presently the object of Management CTO prohibiting them to trade GCO's securities. A request to this effect has been filed with the regulatory authorities when it became apparent that GCO could not file its year end audited financial statements and related management report within the prescribed delays.

A press release dated January 4th, 2007 described the reasons of the delay, namely the procedures related to the filing of the notice of intent to make a proposal to creditors in accordance with the provisions of the Bankruptcy and Insolvency Act. In relation with the proposal, GCO asked and obtained from the courts, on January 12th, a 45 day extension to the delay expiring on January 15th, 2007 for the filing of the proposal to its creditors. The company anticipates filing the proposal before the end of January. A special meeting of the shareholders of GCO has been called for March 12th in order to ratify the proposal.

Furthermore, the January 4th press release also indicated that GCO was pursuing negotiations with a group of investors relating to a financing offer. However the parties could not come to an agreement regarding an investment structure that would meet the TSX Venture Exchange requirements.

Finally, as indicated in a press release dated January 16th, 2007, two directors of GCO have resigned for personal and professional reasons that prevent them to dedicate the considerable time required into to manage GCO's business under the current circumstances and not because of disagreements of these directors with the Company's restructuring plan.

In accordance with CSA Staff Notice 57-301, GCO confirms that except as described herein: (i) there is no material change in the information contained in the Notice of Default; (ii) there is no failure of GCO to fulfill the intentions stated in its Notice of Default or any Default Status Report; (iii) there is no actual or anticipated default of a financial statement filing requirement subsequent to that disclosed in the Notice of Default; and (iv) there is no other material information concerning the affairs of GCO that has not been generally disclosed.

About Omnitech Consultant Group Inc. ("GCO")

GCO is a Canadian leader in performance engineering. GCO offers solutions as a one-stop-shop in engineering, information technology and systems maintenance. GCO is capable of intervening in all aspects of industrial engineering and information technology, thus combining a major and distinctive niche compared with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

Contact Information

  • Omnitech Consultant Group inc.
    Philippe Collard
    Chief Executive Officer