Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

October 23, 2006 09:25 ET

GCO Meets the Requirements for the Extension of its Credit Facilities with the Support of its Managing Shareholders

QUEBEC CITY, QUEBEC--(CCNMatthews - Oct. 23, 2006) - Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO) announces that Mr. Claude Belley, its founder, and several managing shareholders have extended a loan of $250,000 to the company on October 20, 2006, in order to satisfy a conditions for the renewal of the credit terms of the Laurentian Bank of Canada which required a second reduction in GCO's line of credit. This $250,000 loan will be guaranteed through mortgages against the entirety of the assets of GCO, Toptech Groupe Conseil inc. and Le Groupe Isac inc.

GCO and the Laurentian Bank of Canada continue to evaluate the financial restructuring plan of the company and its financial situation.

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