Omnitech Consultant Group inc.
TSX VENTURE : GCO

Omnitech Consultant Group inc.

March 15, 2007 16:07 ET

GCO Files its Default Status Report

QUEBEC CITY, QUEBEC--(CCNMatthews - March 15, 2007) - Groupe Conseil Omnitech Inc. ("GCO") (TSX VENTURE:GCO) files its Default Status Report in compliance with CSA Staff Notice 57-301.

GCO's directors and officers are presently the object of a Management CTO prohibiting them to trade GCO securities. A request to this effect has been filed to the regulatory authorities when it became apparent that GCO would not be able to file its year end audited and first quarter ended November 30, 2006 unaudited financial statements their related management report within the prescribed delays.

A press release dated January 4th, 2007 described the reasons of the delay, namely the procedures related to the filing of the notice of intent to make a proposal to creditors in accordance with the provisions of the Bankruptcy and Insolvency Act. On January 31st, GCO and its wholly-owned subsidiaries, Toptech Groupe Conseil Inc., Groupe de Gestion GCO Inc., Groupe Isac Inc. and Groupe Cadec Inc. filed proposals to their creditors at the court's registry. At the creditors meeting held on February 23rd, the creditors accepted the proposal for the payment of 100% of the value of their claims in common shares of GCO at a price per share of $0.05. GCO's shareholders approved the proposals at their special meeting of March 12. As a result, between 180 and 200 million common shares of the Corporation will be issued to its creditors. The issuance of the shares is however subject to the homologation of the proposals by the courts, as well as the approval of the TSX Venture Exchange and the competent regulatory authorities.

The credit facilities granted to GCO by the Laurentian Bank of Canada were expiring today, however the management of the Corporation is negotiating with the Bank to obtain an extension.

GCO expects to start its audit process at the beginning of April and to file its audited financial statements at the latest at the end of June.

In accordance with CSA Staff Notice 57-301, GCO confirms that except as described herein: (i) there is no material change in the information contained in the Notice of Default; (ii) there is no failure of GCO to fulfill the intentions stated in its Notice of Default or any Default Status Report; and (iii) there is no other material information concerning the affairs of GCO that has not been generally disclosed.

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

  • Groupe Conseil Omnitech inc.
    Philippe Collard
    Chief Executive Officer
    418-626-9090
    www.gco.ca