DoveCorp Enterprises Inc.
TSX VENTURE : DOV

DoveCorp Enterprises Inc.

July 12, 2007 14:16 ET

DoveCorp Enterprises Inc. Obtains Court Order to Initiate Restructuring

TORONTO, ONTARIO--(Marketwire - July 12, 2007) - Further to a news release issued earlier today, and following the completion of proceedings before the Ontario Superior Court of Justice today, DoveCorp Enterprises Inc. (TSX VENTURE:DOV) announced it has obtained a court order under the Companies' Creditors Arrangement Act to initiate restructuring proceedings that will include a marketing of its business for sale. RSM Richter Inc. has been appointed as the Monitor in the CCAA proceedings.

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, has brought the number of DoveCorp's retail locations to 98. 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.

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

  • pro-edge consultants inc
    Tracy Weslosky
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    or
    pro-edge consultants inc
    Fred Cowans
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    or
    pro-edge consultants inc
    80 Richmond Street W., Ste. 600 Toronto, ON
    M5H 2A4