180 Connect Inc. launches refinancing effort
September 12 2007 - 9:04AM
PR Newswire (US)
Stock Symbols: OTCBB: CNCT.OB, CNCTW.OB, CNCTU.OB TORONTO and
Englewood, CO, Sept. 11 /PRNewswire-FirstCall/ -- 180 Connect Inc.
("180 Connect" or the "Company") (OTCBB: CNCT.OB, CNCTU.OB,
CNCTW.OB) (formerly known as Ad.Venture Partners Inc.) announced
today that it has retained William Blair & Company, LLC to
assist in a refinancing of its debt following the successful
completion of its merger with Ad.Venture Partners in late August.
It is expected that the refinancing will be completed in the fourth
quarter of 2007. As a result of the merger, the company received in
excess of $30 million in new equity. Based on its newly
strengthened balance sheet, the Company believes it is the
appropriate time to refinance its remaining bank debt and complete
the recapitalization of its balance sheet. The refinancing is
expected to increase liquidity, provide capital to support current
operating initiatives, and importantly, lower the Company's cost of
capital. About 180 Connect 180 Connect Inc. is one of North
America's largest providers of installation, integration and
fulfillment services to the home entertainment, communications and
home integration service industries. With more than 4,000 skilled
technicians and 750 support personnel based in over 85 operating
locations, 180 Connect is well positioned as the only pure play
national residential service provider in the market.
Forward-Looking Statements This news release contains
forward-looking statements which reflect management's expectations
regarding the future growth, results of operations, performance and
business prospects and opportunities. Statements about future plans
and intentions, results, levels of activity, performance, goals or
achievements or other future events constitute forward-looking
statements. Wherever possible, words such as "may", "should",
"could", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict" or "potential" or the negative or other
variations of these words, or other similar words or phrases, have
been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management. Forward-looking
statements involve significant risk, uncertainties and assumptions.
See "Risk Factors" contained in Ad.Venture's Form S-4/proxy
statement dated August 9, 2007 and contained in the Company's
Annual Information Form for the year ended December 31, 2006 and
its Management Information Circular dated July 6, 2007. Many
factors, including those discussed under "Risk Factors", could
cause actual results, performance or achievements to differ
materially from the results discussed or implied in the
forward-looking statements. These factors should be considered
carefully and prospective investors should not place undue reliance
on the forward-looking statements. Although the forward-looking
statements contained in this news release are based upon what
management believes to be reasonable assumptions, no assurance can
be given that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this news release and Ad.Venture, Purchaser,
Canco or the Company assumes no obligation to update or revise them
to reflect new events or circumstances, except as required by law.
DATASOURCE: 180 Connect Inc. CONTACT: please contact the following
or visit our website at http://www.180connect.net/ Claudia A. Di
Maio, Director Investor Relations, TEL: (866) 995-8888, DIRECT
LINE: (416) 930-7710, EMAIL: ; Devlin Lander, Integrated Corporate
Relations, TEL.: (415) 292-6855
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