Multi-Glass International Corp.

Multi-Glass International Corp.

January 07, 2005 12:15 ET

Multi-Glass International Corp.: Press Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MULTI-GLASS INTERNATIONAL CORP.

TSX VENTURE SYMBOL: MSS

JANUARY 7, 2005 - 12:15 ET

Multi-Glass International Corp.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Jan. 7, 2005) - Multi-Glass
International Corp. (TSX VENTURE:MSS) ("Multi-Glass") announces that
based on internal financial statements as of November 30, 2004, which
were completed today, it has advised its principal lender (the "Lender")
that it has been unable to comply with the tangible net worth covenant
of its loan agreement with the said Lender. Multi-Glass confirms that
the other loan agreement covenants continue to be met and are in good
standing. Representatives of Multi-Glass and the Lender have met to
review Multi-Glass' initiatives and have agreed to work together to
resolve the covenant matter. The Lender has expressed support for the
initiatives put forth by Multi-Glass.

Multi-Glass is a leading distributor and customized value-added
fabricator of insulation and other construction related products and
services to the commercial industrial and residential construction
markets.

(Not for dissemination in the United States of America)

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Multi-Glass International Corp.
    Robert M. Fellows
    President & Chief Executive Officer
    (416) 798-3900, ext. 212
    (416) 798-3520 (FAX)
    or
    Multi-Glass International Corp.
    Meier Miller
    Chief Financial Officer & Secretary
    (416) 798-3900, ext. 220
    (416) 798-3974 (FAX)
    The TSX Venture Exchange Inc. does not accept responsibility for the
    adequacy or accuracy of this release.