J.L. de Ball Canada Inc.
J.L. de Ball Canada, Inc.
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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ANNOUNCEMENT according to § 15 WpHG 01. September 2004
J.L. de Ball Canada, Inc.
1. J.L de Ball Canada (“the Company”), accepted on August 30, 2004 an offer from
Glenoit Fabrics (HG) Corporation (“the Purchaser”), a subsidiary of Shanghai
Haixin Group Co., Ltd., to sell to them substantially all of its assets,
including intangibles and intellectual property, except for accounts receivable
(however, accounts receivable owing to the Company by its Chinese subsidiary,
Girmes Special Textiles (Zhangjiagang) Co., Ltd. (“GSTZ”) are included) and the
Company’s interest in GSTZ;
2. The purchase price for the assets is CAD 7,500,000.00;
3. The Purchaser has paid a deposit toward the purchase price of CAD
250,000.00;
4. The Purchaser will not assume any of the liabilities or obligations of the
Company;
5. The purchase is subject to certain conditions, including a 30 day due
diligence period;
6. At the end of the due diligence period, the Purchaser has the right to notify
the Company that it does not wish to proceed with the transaction
contemplated by the offer;
7. If it does so, it will forfeit CAD 100,000.00 of its deposit;
8. If the Purchaser does not notify the Company that it does not wish to
proceed, the transaction is to be completed within 60 days of the acceptance
of the Purchasers offer;
9. If the Purchaser withdraws from transaction subsequent to the expiry of the
due diligence period, he will forfeit the entire deposit of CAD 250,000.00;
10. The offer is subject to the approval of the Bankruptcy Court.
11. The sale is not being made by the Company, but by a Trustee named as interim
receiver by the Bankruptcy Court for the purpose of selling the assets. A
motion to this effect will be presented to the Court for approval within a
few days time.
Inquiries:
Mr. Paul R. Flay, President and CEO of J.L. de Ball Canada Inc.
J.L. de Ball Canada Inc., 835 boul. Industriel, Granby, Québec, J2J 1A5, Canada
Phone: 001 450 378 7978 (direct dial 239)
Fax: 001 450 378 2263
end of ad-hoc-announcement (c)DGAP 01.09.2004
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WKN: 854511; ISIN: CAC294121008; Index:
Listed: Geregelter Markt in Düsseldorf; Freiverkehr in Frankfurt
012130 Sep 04
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