Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

November 07, 2006 16:47 ET

GCO: Isac Files an Intention Notice Making a Proposition to its Creditors

QUEBEC CITY, QUEBEC--(CCNMatthews - Nov. 7, 2006) - Groupe Conseil Omnitech Inc. ("GCO") (TSX VENTURE:GCO) announces that earlier today, its subsidiary Groupe Isac Inc. ("Isac") has filed a notice of intention to make a proposal to creditors in accordance with the provisions of the Bankruptcy and Insolvency Act. Although it was not initially planned for Isac to file such a notice, it became difficult for the company to carry on its normal business activities after GCO, its parent company, filed a notice of intention because of pressure from some of its suppliers.

The firm PricewaterhouseCoopers inc. has been retained as trustee and will also assist management in the development of a proposition to its creditors. Isac will benefit from a stay with regards to debt payments and to any creditor proceeding.

"Following our initial evaluation, it did not seem necessary to include Isac in GCO's proposition proceedings. However, circumstances have evolved in such a way that it became more prudent to ensure that Isac benefits from the same protection granted by the Act than the other subsidiaries" declared Philippe Collard, Chairman and Chief Executive Officer of GCO.

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