Nanotechnology Now - Press Release: "Raymor Makes First Payment to Creditors and Seeks Court Approval to Hold Shareholders Meeting No Later Than October 15, 2009"

Home > Press > Raymor Makes First Payment to Creditors and Seeks Court Approval to Hold Shareholders Meeting No Later Than October 15, 2009

Abstract:
Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials confirms that it will be seeking court approval to hold its Annual and Special Meeting of Shareholders no later than October 15, 2009. At this meeting, Raymor proposes to present to its shareholders the Audited Financial Statements for 2007 and 2008. In this regard, the Company expects to be in position to file its audited consolidated financial statements for the years ended December 31, 2008 and 2007 and its interim unaudited consolidated financial statements for the first and second quarter ended March 31, 2009 and June 30, 2009 respectively, no later than August 15, 2009.

Raymor Makes First Payment to Creditors and Seeks Court Approval to Hold Shareholders Meeting No Later Than October 15, 2009

Montreal, Canada | Posted on July 7th, 2009

With the recent changes in the management of the Company, Raymor's Board of Directors is continuing their work in realizing the Restructuring Plan for the Company. In addition, the Company has made the first payment to its creditors pursuant to the terms of its Proposal to its creditors.

The shares of Raymor have been halted on the TSX Venture Exchange and are the subject of a cease-trade order from the securities regulators.

Caution regarding forward-looking statements:

Certain statements contained in this release contain forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward-looking statements. Those statements reflect Raymor's current views with respect to future events or conditions, including prospective results of operations, financial position, and predictions of future actions, plans or strategies. Certain material factors and assumptions were applied in drawing Raymor's conclusions and making those forward looking statements. By their nature, those statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, the possibility that Raymor may not satisfy all conditions to obtain the final approval of the Exchange in connection with the offering, including allowing the issuance of common shares in lieu of cash payment of interest, the timing of filing of the Raymor's audited financial statements, MD&A and related CEO and CFO certifications for the year ended December 31, 2008 and for the first quarter ended March 31, 2009, and the timing of filing of default status reports. Many factors could cause Raymor's actual results, performance or achievements to be materially different from any future results.

ON BEHALF OF THE BOARD OF DIRECTORS

Rolland Veilleux, Chairman of the Board of Directors (tel: 450-434-1004).

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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Contacts:
Raymor Industries Inc.
Investor Relations
450-434-1004
450-434-1200 (FAX)

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