Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

October 10, 2006 15:29 ET

GCO Announces the Extension of its Credit Facilities

QUEBEC CITY, QUEBEC--(CCNMatthews - Oct. 10, 2006) - The Board of Directors of Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO), announces that, subject to a re-evaluation of its financial situation which should take place on or before October 20, 2006, the Laurentian Bank of Canada has agreed to renew the credit facilities granted to GCO until January 31, 2007 and to collaborate on the financial restructuring of the company.

The credit facilities include a term loan of $1,830,833.34 for a duration of 48 months, and a line of credit of $2,200,000. The company and the Bank agreed to reduce the line of credit with a reimbursement of an amount $250,000 disbursed today and by $250,000 on October 20, 2006. The credit facilities are guaranteed by a mortgage on the totality of GCO's, Toptech Groupe Conseil and Groupe ISAC's assets.

About Omnitech Consultant Group Inc. ("GCO")

GCO is a Canadian leader in performance engineering. GCO offers solutions as a one-stop-shop in engineering, information technology and systems maintenance. GCO is capable of intervening in all aspects of industrial engineering and information technology, thus combining a major and distinctive niche compared with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release

Contact Information

  • Omnitech Consultant Group Inc.
    Philippe Collard
    Chief Executive Officer
    (514) 378-7445
    Omnitech Consultant Group Inc.
    Philippe R. Bertrand
    Vice President
    (514) 378-7445