Montec Holdings Inc.

Montec Holdings Inc.

August 30, 2005 08:30 ET

Montec Holdings Inc. Proposes Renegotiations of Terms of Arrista Acquisition

MONTREAL, QUEBEC--(CCNMatthews - Aug. 30, 2005) - Montec Holdings Inc. a capital pool company listed on the TSX Venture Exchange (TSX VENTURE:MTE.P), announces that it has decided not to proceed with the acquisition of Arrista Technologies Inc. on the terms disclosed in Montec Holdings' press release of May 31, 2005. As stated in the press release, the proposed Qualifying Transaction with Arrista Technologies was subject to a series of conditions, including the completion of satisfactory legal, accounting and financial due diligence and the entering into formal agreements. In light of these conditions and, in particular, the current financial situation of Arrista Technologies, Montec Holdings has informed Arrista Technologies that it would not proceed with the acquisition, as previously proposed.

Montec Holdings is currently considering re-entering into negotiations with Arrista Technologies with respect to a possible new arrangement which would form the basis of Montec Holdings' Qualifying Transaction under the Policies of the TSX Venture Exchange.

Montec is concurrently evaluating other potential acquisitions.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy for this release.

Contact Information

  • Montec Holdings Inc.
    Myer Bentob, Chairman of the Board of Directors
    and Chief Executive Officer
    (514) 630-7262