On March 2, 2005, scrap tire and rubber recycler Unisphere Waste Conversion Ltd. (symbol UCB TSX V) announced in a press release that it has been exploring the possibility of obtaining additional financing from existing lenders. The company has been informed that such additional financing is unlikely to be provided.
Defaults with lenders have been described in the company’s press releases dated February 1, and February 8, 2005. The company is unable to settle current liabilities as they become due. No other sources of financing are currently available. As a result, Unisphere has filed a Notice of Intention to Make a Proposal to its creditors under the Bankruptcy and Insolvency Act (Canada).
Last year Unisphere consolidated much of the tire recycling business in Ontario through a string of acquisitions.
For further information, contact:
Unisphere Waste Conversion Ltd.
84 Avenue Road,
Toronto, Ontario M5R 2H2