Priva Inc.
TSX VENTURE : PIV

Priva Inc.

November 01, 2007 16:01 ET

Priva Inc. Closes the Sale of its Assets to Fiberlinks Textiles Inc.

MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2007) - Priva Inc. (TSX VENTURE:PIV) ("Priva") announced today that it has closed the sale of its assets to Fiberlinks Textiles Inc. ("Fiberlinks"), a private manufacturer and distributor of textile products. On October 26, 2007, Priva filed a notice of intention to file a proposal to its creditors pursuant to the Bankruptcy and Insolvency Act (the "Notice"). Concurrently with the filing of the Notice, Priva applied for, and obtained, an order from the Superior Court of Quebec appointing RSM Richter Inc. as Interim Receiver to certain of its assets and authorizing the sale of the majority of its assets to Fiberlinks. At the same time, the Superior Court of Quebec authorized Priva to file articles of amendment to change its name. Priva has until November 26, 2007 to file a proposal to its creditors or to request an extension.

In addition, Priva also announced today that Mr. David Horowitz has tendered his resignation as a member of its Board of Directors.

Copies of the Notice, Priva's motion and the Court Order will be available shortly on Richter's website at www.rsmrichter.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Priva Inc.
    David Arditi
    1-800-761-8881