Prime Drink Group Provides an Update to Its Subsidiary Restructuring
MONTREAL, April 07, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) (“Prime” or the “Company”) announces that further to the termination of the forbearance agreements Roynat Inc. (“Roynat”), Financement Agricole Canada (“FAC”) and Banque Canadienne Impériale de Commerce (“CIBC” and together with Roynat and FAC, the “Creditors”) “principal creditors” have filed an application pursuant to Section 243 of the Bankruptcy and Insolvency Act(Canada) with the Superior Court, District of Montréal (the “Application”), to have a receiver appointed with respect to the assets of Prime’s wholly-owned subsidiary, Triani Canada Inc (“Triani”).
As previously announced in its press release dated February 18, 2025, Prime has undertaken a strategic restructuring of Triani with the intention of improving the profitability of its bottling plant operations and exclusively licensed brands. Triani intends to oppose the Application from the Creditors to pursue its restructuring plan and will continue to seek alternative solutions to the appointment of a receiver.
Alexandre Côté, Prime 's Chief Executive Officer, commented: “As we do not expect the hearing to be scheduled, we are currently engaged in discussions and negotiations with Triani’s creditors as we work toward a solution that supports the long-term stability and growth of Prime and Triani. We remain committed to reaching an outcome that is in the best interests of all our stakeholders and resolve the legacy issues inherited from prior management.”
About Prime Drink Group
Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
For further information, please contact:
Jean Gosselin, Secretary
Phone: (514) 394-7717
Email: info@prime-group.ca
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information in this press release may include, without limitation, statements relating to the Application.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, market conditions, availability of financing to the Company on acceptable terms, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither theCanadian Securities Exchangenor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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