XLT XL Tech.

    RNS Number : 3578C
  XL TechGroup, Inc.
  29 August 2008
   

    

 Press Release  29 August 2008

    XL TechGroup, Inc.
    ("XL TechGroup" or "the Company")

    Restructuring Proposal has closed

    XL TechGroup (AIM: XLT) advises that the Restructuring Proposal which was approved at the Special Stockholders Meeting on 8 August 2008
has now closed.  

    The specific assets described in the circular dated 29 July 2008, including shares in TyraTech, DxTech and PetroAlgae, have been
transferred to PetroTech Holdings Corporation ("PHC"), a Laurus/Valens company.  

    The stockholders of XL TechGroup will have the contractual right to receive 15% of proceeds received from the sale of PHC assets, plus
the amount of any dividend or other distribution made by those assets to their stockholders, but only after approximately US$104.2 million
in existing outstanding debt, together with 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. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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