< script language="JavaScript" type="text/javascript"> MaxGraph=10 MaxState=2 pics=new Array(MaxGraph*MaxState) names=new Array(MaxGraph*MaxState) next=0 add_graphic("a","../../library/images/m1_") add_graphic("b","../../library/images/m2_") add_graphic("c","../../library/images/m3_") add_graphic("d","../../library/images/mn1_") add_graphic("e","../../library/images/mn2_") add_graphic("f","../../library/images/mn3_") add_graphic("g","../../library/images/mn4_") add_graphic("h","../../library/images/mn5_") add_graphic("i","../../library/images/mn6_") add_graphic("j","../../library/images/mn7_") function add_graphic(name,label){ var a for (a=0;a
 
  ESTec Logo
Home Home Site Map Contact Us
   
    ESTec Systems Corp. About ESTec Systems Corp. ESTec Systems Products ESTec Divisions ESTec News ESTec Systems Corp. Investors Careers at ESTec Systems    
  World Map gears  
Shadow 1
 
 
  Arrow 1 Quick finder
Arrow 2
 
News Overview
Recent News
News Archive
  Arrow 3 Media Release 14 June 2004

ESTEC ANNOUNCES WITHDRAWAL FROM SHARES FOR DEBT AGREEMENT

On Tuesday June 8, 2004 ESTec Systems announced it was shutting down its manufacturing subsidiary ESTec Oilfield Inc. due to a major creditor making a formal demand for payment under the terms of its security agreement.

This action triggered the bank to seize all of the assets of ESTec Oilfield Inc. We expect that the assets under fire sale conditions will not realize enough to cover the bank loan.

Another result of this action is that, after discussions with the Alberta Securities Commission we have decided to withdraw our request for approval of the shares for debt settlement started at the end of August 2003, as in the current situation the shares for debt settlement would be denied on the grounds that the transaction would not be enough to make ESTec Oilfield Inc. a viable company.

On behalf of the board,

Anthony B. Nelson
Director

 
©2007 ESTec Systems Corporation. All rights reserved.
Shadow 2