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On June 29, 2009, the Ontario Court granted Nexient protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The CCAA proceedings provide Nexient the opportunity to conduct the marketing and sale process in a stabilized environment and the financing it requires to continue its business without disruption.
Nexient is continuing with its day-to-day operations. It is also considering all strategic alternatives under the leadership of its existing management team. Nexient has made arrangements with Vengrowth, one of its current lenders, to provide financing to support Nexient's operations during the CCAA proceedings.
RSM Richter Inc., the Monitor in the CCAA proceedings, is conducting the sale process.
The NEX has halted trading of Nexient's common shares.
About Nexient Learning Inc.
Nexient Learning Inc. is the largest corporate training and talent development company in Canada. Nexient delivers the broadest choice of top calibre, industry-recognized curricula in information technology, business process improvement and leadership business solutions. With 12 locations across Canada, Nexient offers innovative learning solutions in both classroom and online formats. Nexient is traded on the NEX as "NXL.H". More information is available on the company's website at www.nexientlearning.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors including economic conditions which may cause the actual results, performance or achievements of Nexient to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results could differ materially from those projected and should not be relied upon as a prediction of future events. These statements include without limitation those relating to the selling or restructuring of Nexient or its assets, the borrowing of additional funds, continuing with day-to-day operations and completing other strategic alternatives. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific, including without limitation finding a suitable buyer or partner, obtaining suitable financing or obtaining court or other necessary approvals. A variety of material factors, many of which are beyond Nexient's control, affect the operations, performance and results of Nexient, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. The Company specifically disclaims any obligation to update these forward-looking statements, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate and readers should not place undue reliance on forward-looking statements.
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The NEX Exchange has neither approved nor disapproved the contents of
this press release.
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SOURCE: Nexient Learning Inc.
Douglas Lawson, Chief Financial Officer, Nexient Learning Inc., (416) 964-8688, ext. 2200, dlawson@nexientlearning.com
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