Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

April 26, 2007 15:36 ET

GCO Files its Default Status Report

QUEBEC CITY, QUEBEC--(CCNMatthews - April 26, 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. GCO's shareholders approved the proposals at their special meeting of March 12. On March 21, the courts homologated the proposals. Creditors had until April 19 to send their proof of claim to the trustee. The inspectors nominated at the creditors assembly met yesterday to approve the dividends to be disbursed to the creditors.

The proposals to the creditors offer the payment of 100% of the value of creditors' claims in common shares of GCO at a price per share of $0.05. As a result and subject to the approval of the TSX Venture Exchange and the competent regulatory authorities, a total of 195,247,999 common shares of the GCO were issued as of April 25, 2007 and sent to the creditors by the trustee in the next weeks. The total outstanding common shares of GCO will be 253,027,374.

GCO continues its audit process and does not expect any changes with respect to the filing date of its audited financial statements, which should occur at the latest at the end of June. Concurrently in the past weeks, GCO has been the object of a due diligence process which was a requirements of the financing offer of Echo Capital FIER Outaouais. This financing should close mid-June at the latest.

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

  • Omnitech Consultant Group Inc.
    Philippe Collard
    Chief Executive Officer
    Omnitech Consultant Group Inc.
    Philippe R. Bertrand
    Vice-president, Corporate Affairs