Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

January 04, 2007 15:55 ET

GCO Will File its Annual Financial Statements Once its Financial Restructuration is Completed

QUEBEC CITY, QUEBEC--(CCNMatthews - Jan. 4, 2007) - Groupe Conseil Omnitech Inc. ("GCO") (TSX VENTURE:GCO) announces that it will be unable to meet the prescribed deadline of December 28th 2006 for the filing of its financial statements of the fiscal year ended August 31st, 2006 and of the related management report.

On October 31st, 2006, GCO and a few of its subsidiaries, Groupe Cadec inc., Toptech Groupe Conseil inc. and Groupe de Gestion GCO inc., filed a notice of intent to make a proposal to their creditors in accordance with the provisions of the Bankruptcy and Insolvency Act. Subsequently on November 7th, 2006, GCO's subsidiary Groupe Isac inc. also filed a notice of intent to make a proposal to its creditors. The company expects to file a proposal to its creditors by the end of January 2007 and to hold a creditors meeting 21 days later.

Due to the proceedings related to the filing of the notice of intent, the audit for the financial year ended August 31st, 2006 was not finalized and had to be postponed until after the courts homologate the approval of the proposal by the creditors, which is expected to take place within 30 days after the creditors meeting. A special shareholders meeting will also be held at that time.

In compliance with CSA Staff Notice 57-301, GCO has filed a Notice of Default for the filing of its financial statements and has requested that a cease trade order be imposed to its managers and directors preventing them to negotiate GCO's shares until its financial statements are filed. This request was granted today by the Autorite des Marches Financiers. During this management cease trade order, GCO's shares will continue to trade on the TSX Venture Exchange (the "Exchange") as usual, subject to applicable rules relating to continuous disclosure obligations during the normal course of business.

As required by the CSA, GCO will file a default status report every two weeks while the management cease trade order is in effect. GCO will also file material change reports containing the same information it provides its creditors throughout the notice of intent procedure.

It is possible that the Autorite des Marches Financiers may impose an issuer cease trade order (CTO) to GCO's shares if the company does not file its annual financial statements for the period ended August 31, 2006 by February 28, 2007. GCO does not expect to be able to file its financial statements before mid-June 2007. An issuer CTO may be imposed sooner if the company fails to file its default status reports on time.

With regards to the halt trade requested by GCO on December 20, 2007, the company expected to announce the acceptation of a financing offer by a group of investors. The offer could not however be accepted as presented since it was not fulfilling some requirements of the Exchange, but GCO continues its discussions with this group of investors in order to finalize an investment structure that will meet the requirements of the Exchange.

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