TSXV: DUG
TORONTO, Feb. 5, 2019 /CNW/ - Distinct Infrastructure
Group Inc. ("Distinct" or the "Company") announces that as of
September 30, 2018, the Company was
in violation of certain financial covenants contained in its
Revolving Loan and Term Loan dated November
21, 2017. The Company is currently in discussions with its
Senior Lender with respect to potential remedies.
In addition, the board of directors of the Company has formed a
special committee whose mandate is, among other things, to (i)
oversee the discussions between the Company and its lenders, and
(ii) to identify and evaluate potential strategic alternatives.
The Company will provide additional updates as required.
About Distinct Infrastructure Group:
Distinct Infrastructure Group Inc. is a 100% Canadian-owned and
operated firm providing design, engineering, construction and
maintenance services to telecommunication firms, utilities and
governments. Our service offerings include the design, engineering
and delivery of underground and aerial construction, as well as
inventory management and technical services.
Our mission is to be responsive to the current and future needs
of our clients by delivering safe, turnkey solutions that
positively impact the communities in which we live and work. We
work wherever our clients need us, from our bases in Toronto and Winnipeg.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans",
"anticipated", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved". Distinct is subject to
significant risks and uncertainties which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward looking statements contained in this
release. Distinct cannot assure investors that actual results will
be consistent with these forward looking statements and Distinct
assumes no obligation to update or revise the forward looking
statements contained in this release to reflect actual events or
new circumstances.
SOURCE Distinct Infrastructure Group Inc.
