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29 Aug 2008 15:48
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Press Release |
29 AugustΒ 2008 |
XL TechGroup, Inc.
("XL TechGroup" or "the Company")
Restructuring ProposalΒ has closed
XL TechGroup (AIM: XLT)Β advises thatΒ theΒ Restructuring Proposal which was approved at the Special Stockholders Meeting on 8 August 2008 has now closed.
The specific assetsΒ described in the circular dated 29 July 2008,Β including shares inΒ TyraTech, DxTech and PetroAlgae,Β have been transferred toΒ PetroTech Holdings Corporation ("PHC"), aΒ Laurus/ValensΒ company.
The stockholders of XL TechGroup will have the contractual right to receive 15% of proceeds received from the sale ofΒ PHCΒ assets, plus the amount of any dividendΒ or otherΒ distribution made byΒ those assetsΒ to their stockholders, but only afterΒ approximately US$104.2Β million inΒ existingΒ outstanding debt, together withΒ all further funds that may be contributed to PHC by Laurus/Valens in the form of additional debt or otherwise, has been repaid in full.Β
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