International Zeolite Corp. V.CNZ

Update (as best as I can tell)

[moe_money]

Highlights of 2nd Monitor's Report - Management has met with all large customers and all of them are expressing continued support and have agreed to change product mix in order to increase production volumes, decrease waste and increase profitability. - Since the start of CCAA company has improved productivity and decreased downtime and waste - As of August 29, all offices in Vancouver were closed and relocated to Gatineau, thereby decreasing overhead and reducing expenses. - Discussions about sale of ACI in South Carolina continue and a decision about this matter will soon be made. - A turn around plan proposed by management was approved by the board and includes : o Decreasing machine down time, waste, and other production costs at the Gatineau plant while increasing machine speed, and improving product mix o Gatineau plant operations are expected to reach break even in October, 2003 o Forecasted EBITA of: Q4 '03 $11 million Q1 '04 $12 million Q2 '04 $16 million o Corporate wide reorganization to decrease corporate costs o CCAA credit facility usage should peak at 5.4 million in October and decrease thereafter. (recall Concert was given a credit facility of up to 13 million) - Sales in the 8 week period ended September 20th were 11.8 million --- .1 higher than the projected 11.7 - Sales going forward are in line if not better than initially forecasted - CCAA credit facility should decrease to 4 million by January 31 2004 after the 3.2 million transfer from Europe. Some thoughts: - Still no word on debt for share exchange or if there will be one (best for us if there is not one but I think it is inevitable considering the amount of debt concert has) - Looks like concert may file for another extension if concert does not meet with its actual banking syndicate and pound out an agreement before December 5 '03 - Look for news on the ACI front next .... should be out sooner rather than later as there are prospective buyers as per the following: ".... Bill Sweet, general manager of the plant, which employs 25 people, said several prospective buyers have looked at the facility. "We're still entertaining buyers," he said. "We anticipate the facility will sell fairly soon...." This quote was found in an article dated August 7, here is a link to the article: https://www.charleston.net/stories/080703/bus_07plant.shtml