/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, April 13 /CNW/ - Imperial Plastech Inc. (the "Company")
(TSX-V: IPG.H), wishes to advise that a proposal pursuant to the Bankruptcy
and Insolvency Act (Canada) was approved by the creditors of the Company on
February 17, 2006 and by the Ontario Superior Court of Justice on March 8,
2006. Effective today, the proposal is in effect and the bankruptcy of the
Company is annulled.
In connection with the Company's emergence from bankruptcy, a new board
of directors has been appointed consisting of Gordon Keep, Jay Sujir, and
Peter Leitch. The new board will seek opportunities in the natural resource
sector through an engagement under a services agreement with Endeavour
Financial.
Initial financing for the reorganized Company will be by way of a private
placement of 14 million units at $0.05 per unit. Each unit will consist of a
share and a one-year share purchase warrant exercisable at $0.10 per share. Of
the $700,000 proceeds, $200,000 will be used to pay expenses incurred in
reorganizing the Company and the balance will be used for review of potential
acquisitions and working capital. The private placement is subject to
regulatory approval.
The Company has also, subject to regulatory approval, granted five-year
incentive stock options to directors, officers and charitable institutions
entitling them to purchase 1,600,000 shares at $0.10 per share.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
-30- /For further information: Gordon Keep, Phone: (604) 609-6110/
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