Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

January 31, 2007 16:39 ET

GCO Files its Default Status Report and Announces the Filing of a Proposal to its Creditors

QUEBEC CITY, QUEBEC--(CCNMatthews - Jan. 31, 2007) - Groupe Conseil Omnitech Inc. ("GCO") (TSX VENTURE:GCO) files its Default Status Report in compliance with CSA Staff Notice 57-301 and announces the filing of a proposal to its creditors in accordance with the provisions of the Bankruptcy and Insolvency Act.

GCO's directors and officers are presently the object of a Management CTO prohibiting them to trade GCO securities. A request to this effect has been filed to the regulatory authorities when it became apparent that GCO would not be able to file its year end audited financial statements and management report within the prescribed delays. Furthermore, GCO will not be able to file its financial statement and management report for the quarter ended November 30, 2006.

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. On January 12th, GCO asked and obtained from the courts a 45 day extension to the delay expiring on January 15th 2007 for the filing of the proposal to its creditors.

Earlier today, GCO and its wholly-owned subsidiaries, Toptech Groupe Conseil Inc., Groupe de Gestion GCO Inc., Groupe Isac Inc. and Groupe Cadec Inc. filed proposals to their creditors at the court's registry. The proposals present to the creditors an offer for the payment of 100% of the value of their claims in common shares of GCO at a price per share of $0.05. The creditors meeting will be held on or around February 21st and, in order to be accepted, the propositions will have to obtain the approval of at least 66% (2/3) of the value of the claims and 50% plus one of the number of creditors allowed to vote at the meeting. The issuance of the shares is however subject to the approval of GCO's shareholders at a special assembly that will take place on March 12th, as well as the approval of the TSX Venture Exchange and the competent regulatory authorities.

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; and (iii) 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

  • Groupe Conseil Omnitech inc.
    Philippe Collard
    Chief Executive Officer
    418-626-9090
    www.gco.ca