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Raymor Industries Inc. (TSX VENTURE:RAR), The Company is announcing that with the acquisition of its new subsidiary SE Techno Plus inc., Raymor Aerospace had signed employment contracts with the vendors. These employment contracts were material conditions to executing the transaction, so as to assure the continuity of the acquired company's operations. Subsequent to a leave of absence from the vendors, the Company, its subsidiaries Raymor Aerospace and SE Techno Plus Inc. as well as the directors of its Subsidiaries have been served with a law suit from the vendors of SE Techno Plus Inc. alleging the constructive dismissal of the Plaintiffs who were the principals of SE Techno Plus. The company has diligently reviewed the allegations and has determined that they are without foundation. Company counsel shall vigorously contest the baseless allegations and claims.
In other matters, the Company is presently interviewing other audit firms to replace its current auditor. The company is currently in discussions with several auditing firms to ensure that the Company will continue to comply with its financial disclosure on the capital markets.
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX-V:RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
(VERSION FRANCAISE SERA DISPONIBLE SUR LE SITE WEB DE RAYMOR)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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