TDZ Holdings Inc.

August 03, 2005 11:30 ET

TDZ Holdings Inc.: Sale of the Construction Technology Business

TORONTO, ONTARIO--(CCNMatthews - Aug. 3, 2005) - TDZ HOLDINGS INC. (the "Company"), today announced the following:

Aluma Enterprises Inc. ("Aluma") has advised that the closing of the sale of substantially all of its assets to Brand Services Inc., a subsidiary of J.P. Morgan Partners, occurred on July 29, 2005. Substantially all of the net proceeds from the sale will be applied to repay indebtedness of Aluma's parent company, Nualt Enterprises Inc., which indebtedness has been guaranteed by Aluma. As previously disclosed, the Company is entitled to receive certain payments as a result of the completion of this sale pursuant to the Construction Technology Business Debt Restructuring Agreement entered into on November 28, 2001. An initial payment of $976,800.00 was made on account of the Company's entitlement on the closing and the balance of the Company's entitlement is payable within two years following the closing. The amount of the balance payable to the Company cannot be predicted at this time as it is dependent upon various closing and post closing adjustments which are to be made over this two year period.

Contact Information

  • TDZ Holdings Inc.
    Mr. Harvey Fruitman
    Executive Vice President, Secretary,
    and Chief Financial Officer
    (416) 661-9290