Mindready Solutions Inc.
TSX : MNY

Mindready Solutions Inc.

May 16, 2006 13:44 ET

Mindready Solutions Provides Bi-weekly Status Update

MONTREAL, QUEBEC--(CCNMatthews - May 16, 2006) - Mindready Solutions Inc. (TSX:MNY) reports that the third default status report does not involve any change with the default report filed on April 3, 2006, with the exception that Mindready was informed on April 11, after the market close, that its offer submitted to the interim receiver of UTTC United Tri-Tech Corporation ("UTTC") to purchase the assets of UTTC was not accepted and that the assets of UTTC were sold to a third party.

Concurrently with its negotiations with the interim receiver of UTTC, Mindready has obtained from the court an order to safeguard until June 3, 2006, which prevents the former shareholders of UTTC from trading the shares they hold in the capital of Mindready. Such order was rendered in the course of the legal procedures filed by Mindready to cancel the acquisition of UTTC completed on November 30, 2005.

Mindready continues to examine all means at its disposal to ensure its rights are respected and that it receives compensation from all parties involved.

The annual report, the annual financial statements along with its management's discussion and analysis (MD&A) for the fiscal year ended December 31, 2005 could not be filed on or before March 31, 2006, as prescribed by law, for the reasons described above. Consequently, the annual shareholders' meeting has been postponed accordingly.

Mindready expects to be able to file its annual report, annual financial statements and annual MD&A for the year ended December 31, 2005 by June 5, 2006 and has asked regulatory authorities to issue a temporary cease trade order applicable to its management.

Mindready is aware that regulatory authorities may impose an issuer cease trade order in the event that its financial statements, annual report and annual MD&A are not filed before June 5, 2006.

An issuer cease trade order may also be imposed prior to June 5, 2006 if this notice of default is materially deficient or if Mindready fails to file its Default Status Reports on time as prescribed by law. Mindready is confident that these conditions will be met.

Mindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative end-to-end solutions for new electronic product introduction, from design to manufacturing and test systems, serving the aerospace & defense, wireless telecommunication and automotive & transportation markets. Mindready serves clients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon, Rockwell Collins, NASA, Ford, Nissan, Motorola, Panasonic, Renault, Harris, Flextronics, Nortel and Alcatel. More information about Mindready and its products, systems and engineering services can be found at www.mindready.com.

The statements regarding the company's future operating results, performance and business prospects contained in this press release, and any other statements not constituting historical information, are forward-looking statements. These forward-looking statements reflect the company's current opinions and assumptions with respect to future business decisions and results, and are based on the information currently available to the company. Accordingly, these statements are subject to risks, uncertainties and contingencies that could cause the company's future operating results, performance or business prospects to differ from those expressed in, or implied by, these statements.

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