News Release For Immediate
Release: January 19, 2007
TORONTO, January 19,
2007 – Polyair
Inter Pack Inc. (“PPK” or the "Company")
(TSX/AMEX: PPK) announced today the Plan
of Arrangement of its Canadian pool subsidiary,
Cantar Pool Products Limited, was approved
at a meeting of creditors last week and by
the Ontario Superior Court of Justice. This
subsidiary, which ceased operations in October
2006, had sought protection under the Companies’ Creditors
Arrangement Act in order to complete the
sale of its remaining operating assets and
to put forward to its creditors a Plan of
Arrangement which would provide for a settlement
of their claims. The approved Plan of Arrangement
is expected to be implemented shortly.
The Plan of Arrangement does not affect
Polyair’s packaging business which
continues to operate as a standalone business
through separate subsidiaries in the normal
course.
Polyair Inter Pack Inc. (www. Polyair.com)
in its Polyair Packaging division manufactures
and distributes a wide range of protective
packaging products. These products are sold
to distributors and retailers across North
America. The company operates nine manufacturing
facilities, seven of which are in the US
where it generates the majority of its sales.
Certain information included in this release
contains statements that are forward looking.
Such forward-looking information involves
risks and uncertainties that could significantly
affect anticipated results in the future.
We caution that forward-looking statements
should not be regarded as a representation
by the company that the future plans, estimates,
or expectations contemplated by us will in
fact be achieved. Please refer to the company’s
reports filed on SEDAR (www.sedar.com) and
EDGAR (www.sec.gov/edgar.shtml) for a description
of the business environment in which it operates
and important factors that may materially
affect its results. Polyair Inter Pack is
not under any obligation, and expressly disclaims
any such obligation, to update or alter its
forward-looking statements.
For more information contact:
Stysia
Reay
Polyair Inter Pack Inc
Phone: (416) 679-6591
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