OTTAWA
,
Oct. 23
/CNW/ - Avalite Inc. (TSX.V: ALV.H) today reported results from its third quarter ended
September 30, 2009
. The information provided in this press release should be read in conjunction with the Corporation's unaudited interim Financial Statements and Management Discussion and Analysis for the third quarter of 2009, found on SEDAR at www.sedar.com.
During Q3 2009, Avalite Inc. actively traded on the NEX. Total assets at
September 30, 2009
were
$1,138,251
, and the Corporation had working capital of
$1,115,396
.
"On
October 9, 2009
we settled final closing accounts of R.A. Misener Telecom Corporation with Omniglobe Networks Inc.", stated
Ralph Misener
, CEO. "Following completion of the working capital adjustments, a total of
$353,700
was released from escrow to Avalite Inc. Senior Management is actively researching business re-organization alternatives for a potential reverse take-over transaction. In absence of a suitable transaction, management will consider a distribution of cash to shareholders."
The TSX NEX does not accept responsibility for the adequacy or accuracy
of this release.
%SEDAR: 00023242E
For further information: R.A. (Ralph) Misener, President and CEO, Tel: (613) 791-7780, Email: [email protected]
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