MISSISSAUGA, ON, Nov. 10 /CNW/ - Peter F. Clark, Chief Executive Officer
of CPI Plastics Group Limited ("CPI") announced today that the Corporation was
commencing a financial restructuring initiative and in that regard, a special
committee of the Board of Directors has been formed to assure that all of the
Corporation's stakeholders including shareholders, suppliers, customers and
lenders are properly represented. Mr. Clark, the Corporation's controlling
shareholder, stated: "I fully support the creation of the said committee in
order to ensure that the financing process was completely open and transparent
to all concerned."
The independent committee has determined to appoint a financial advisor
to represent the Corporation in this regard and is presently considering a
number of alternatives.
In another development, J. David Wood has resigned as Executive Vice
President and Chief Financial Officer of CPI effective November 28, 2008 to
pursue a new opportunity.
In the interval, John Coscarella, C.A., the Corporation's current
Director of Finance, will assume many of Mr. Wood's responsibilities.
James D. Ellies, the Corporation's Chief Operating Officer, will assume the
position of Chief Financial Officer in the interim.
Peter F. Clark, Chief Executive Officer, said: "David has made a
significant contribution to CPI over the last few years and it is without
question that he will be greatly missed."
Mr. Wood said: "I continue to believe in the viability and quality of
CPI's products and wish CPI every success in the future."
CPI Plastics Group Ltd. is a Canadian-based plastics processor and a
recognized international leader in thermoplastics profile design, engineering,
processing and value added manufacturing. CPI is comprised of three key
divisions. CPI's Outdoor Living Products Group manufactures and markets eon(R)
Decking and Fencing Systems, as well as high value-added cladding and
accessory components to the outdoor hot tub industry. CPI's Film Products
Group manufactures and markets the Rack Sack(R) household refuse management
system and a wide range of branded and private label household and industrial
refuse bags. CPI's Custom Products Group supplies leading OEM manufacturers
with custom profile solutions to enhance quality, cost effectiveness and
process ability. Based in Mississauga, Ontario and Pleasant Prairie,
Wisconsin, CPI's dedicated team of over 600 employees currently manufactures
out of six plants occupying 530,000 square feet of manufacturing space and
housing over 135 extruders. To learn more about CPI, visit our website at
www.cpiplastics.com.
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