DoveCorp Enterprises Inc.
TSX VENTURE : DOV

DoveCorp Enterprises Inc.

August 15, 2007 15:04 ET

DoveCorp Announces Extension of CCAA to September 10, 2007

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2007) - DoveCorp Enterprises Inc. ("DoveCorp") (TSX VENTURE:DOV), announced today that on August 10, 2007 the Ontario Superior Court of Justice extended the protection period granted to DoveCorp under the Companies' Creditors Arrangement Act, from August 10, 2007 to September 10, 2007. With the consent of DoveCorp, the Court also authorized the Ontario Labour Relations Board (the "OLRB") to take the administrative step of issuing the outstanding Certificate relating to recognizing the United Food and Commercial Workers International Union (the "UFCW") as the exclusive bargaining agent of the employees of DoveCorp, provided however, that the UFCW shall not be entitled to take any steps to disrupt management, the sale process or the operation of the business and shall not initiate bargaining.

About DoveCorp:

DoveCorp is a leader in Canada's dry-cleaning and laundry industry, with the only ISO 9001 dry cleaning registration in the world. For more than 10 years, its flagship Dove Cleaners division has been widely recognized by various fashion and industry magazines as among the best premium dry cleaning and laundry services in Canada. At the same time, its Dove Depot, Meena Cleaners, and Natural Cleaners divisions excel in the mass market. DoveCorp's acquisition of Cadet Cleaners, a leader in the Greater Toronto Area for 50 years, brought the number of DoveCorp's retail locations to 98 in early 2006, making it Canada's largest and fastest-growing company in the industry. In addition, Dove Cleaners Commercial is a full-service provider of linen, uniforms, and mat rentals. The company also provides out-sourced dry cleaning and laundry services.

Forward-looking statements

This document contains forward-looking statements relating to DoveCorp's financial performance, operations or to the environment in which it operates, which are based on DoveCorp's operations, estimates, forecasts, and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the company's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the company's corporate filings, (posted at www.sedar.com). Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, DoveCorp cannot be certain that actual results will be consistent with these forward-looking statements, and the company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

DOVECORP ENTERPRISES INC. 35 SUNTRACT ROAD TORONTO, ON M9N 2V8

This press release shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release. The TSX Venture Exchange has in no way passed on the merits of the transaction described herein.

Contact Information

  • DoveCorp Enterprises Inc.
    Sam Mizrahi
    President and CEO
    (416) 782-8788 x 223
    Email: sam@dovecorp.com
    or
    DoveCorp Invester Relations:
    pro-edge consultants inc.
    Tracy Weslosky or Fred Cowans
    Managing Partners
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    or
    pro-edge consultants inc.
    80 Richmond Street W., Suite 600, Toronto, ON
    M5H 2A4
    Website: www.pro-edge.com