Quebec (Quebec), November 26, 2007 – Atrium Innovations Inc. “Atrium” (TSX: ATB) today announced that it has obtained additional financing of $36.6 million CDN from the Solidarity Fund QFL. This firm, five-year credit facility, provided as a non-convertible subordinated debt, is subject to full repayment at the end of the loan term.
“This new credit facility has been granted at the right time in our development. We can make use of it at any opportune moment to support our growth strategy. This strategy is based on a program of targeted acquisitions, which are aimed at quickly generating major, positive commercial and financial results for the Company,” said Mr. John Dempsey, Vice President, Finance and Chief Financial Officer of Atrium.
“We are very proud to support Atrium Innovations in its development. Our partnership first began during Atrium’s start up in 2000 and continues today as the company makes acquisitions. We have full confidence in the executive team, which we are committed to supporting,” said Mr. Michel Lagueux, Senior Vice President, Life Sciences at the Solidarity Fund QFL.
The Company modified its revolving credit facility in July 2007 to increase Atrium Innovations’ financial flexibility and enable it to pursue its acquisition strategy in each of its divisions. It increased its borrowing capacity to $350 million US, with the possibility of further increasing it to $425 million US under certain conditions. As at September 30, 2007, the Company had borrowed $265.3 million US under this facility.
Solidarity Fund QFL
With net assets of over $7.2 billion as at May 31, 2007, the Solidarity Fund
QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,696 companies. It currently has nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 122,000 jobs. For more information, visit www.fondsftq.com.
About Atrium
Atrium Innovations Inc. is a recognized leading developer, manufacturer and marketer of science-based products for the cosmetics, pharmaceutical, chemical and nutrition industries. The Company focuses primarily on growing segments of the health and personal care markets which are benefiting from the trends towards healthy living and the ageing of the population. Atrium markets a broad portfolio of active ingredients, specialty chemicals and health and nutrition finished products through its highly specialized sales and marketing network in more than 50 countries, primarily in North America, Europe and Asia. Atrium has over 600 employees and operates four manufacturing facilities. Additional information about Atrium is available on its Web site at www.atrium-innov.com
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company. For additional information with respect to these and other factors, see the Company's quarterly and annual filings with the Canadian securities commissions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
Investor Relations:
John Dempsey
Vice-President, Finance, and Chief Financial Officer
Tel.: (418) 652-1116, ext. 287
jdempsey@atrium-innov.com
Media Relations:
Frédéric Tremblay
HKDP
Tél. : (514) 395-0375, ext. 234
ftremblay@hkdp.qc.ca
Josée Lagacé
Solidarity Fund QFL
Tel. :(514) 850-4835
jlagace@fondsftq.com