Invesprint Corporation Completes Closure Of Jonergin Pacific Operations
Press release from the issuing company
TORONTO, ONTARIO - Invesprint Corporation today announced that its Jonergin Pacific, Inc. subsidiary has ceased operations, ending the winding down process announced on October 26, 2004. Jonergin Pacific has reached a full and final settlement with all of its secured lenders which involved a payment by Invesprint of US$300,000 for a full release of its guarantees. In addition, the landlord of the Napa, California premises has agreed to terminate the remainder of the lease for payments totalling approximately US$170,000.
The closure will be accounted for as a disposal of approximately $5 million of fixed assets and a reduction of approximately $5 million in capital lease obligations.
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