NOVA Chemicals Announces Short Extension for Closing IPIC Transaction
30 Juni 2009 - 6:02PM
Business Wire
NOVA Chemicals Corporation (�NOVA Chemicals�)
(NYSE:NCX)(TSX:NCX) announced today that International Petroleum
Investment Company (�IPIC�) has agreed with the Investment Review
Division of Industry Canada to an extension of its review under the
Investment Canada Act of IPIC�s acquisition of NOVA Chemicals until
July 6, 2009. NOVA Chemicals expects to close the transaction with
IPIC shortly after receipt of the Investment Canada Act
approval.
Additionally, NOVA Chemicals and its lenders have agreed to
amended financial covenants for the remainder of 2009.
NOVA Chemicals produces plastics and chemicals that are
essential to everyday life. Our employees develop and manufacture
materials for customers worldwide that produce consumer, industrial
and packaging products. NOVA Chemicals works with a commitment to
Responsible Care� to ensure effective health, safety, security and
environmental stewardship. Company shares are traded on the Toronto
and New York stock exchanges as NCX.
Visit NOVA Chemicals on the Internet at
www.novachemicals.com.
Responsible Care� is a registered trademark of the Canadian
Chemical Producers Association (CCPA) in Canada and is a registered
service mark of the American Chemistry Council (ACC) in the United
States.
Forward-Looking Information:
This news release contains forward-looking information within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities laws,
including relating to timing for closing the transaction with IPIC
and receipt of regulatory approvals. Forward-looking information
can often be identified by forward-looking or similar words
suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking
information.
You are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, known and unknown risks and uncertainties, of
both a general and specific nature, that could cause actual results
to differ materially from those suggested by the forward-looking
information or contribute to the possibility that predictions,
forecasts or projections will prove to be materially
inaccurate.
These risks include that the completion of the proposed
transaction is subject to a number of terms and conditions,
including, without limitation certain termination rights available
to the parties under the arrangement agreement. The other
conditions to the transaction may not be satisfied in accordance
with their terms, and/or the parties to the arrangement agreement
may exercise their termination rights, in which case the proposed
transaction could be modified, restructured or terminated, as
applicable. You are cautioned that the list of risks and
assumptions set forth or referred to above is not exhaustive. Some
of the risks, uncertainties and other factors which negatively
affect the reliability of forward-looking information are discussed
in NOVA Chemicals� public filings with the Canadian and United
States securities regulatory authorities, including its most recent
annual information form, annual report, management�s discussion and
analysis, quarterly reports, and news releases. NOVA Chemicals�
public filings are available through NOVA Chemicals� website at
www.novachemicals.com. Copies of NOVA Chemicals� Canadian public
filings are available on SEDAR at www.sedar.com. NOVA Chemicals�
public filings in the United States, including NOVA Chemicals� most
recent annual report on Form 40-F, as supplemented by its filings
on Form 6-K, are available at www.sec.gov. You are further
cautioned that information contained on, or accessible through,
these websites is current only as of the date of such information
and may be superseded by subsequent events or filings. The
forward-looking information in this news release is expressly
qualified in its entirety by this cautionary statement. In
addition, the forward-looking information is made only as of the
date of this news release, and except as required by applicable
law, NOVA Chemicals does not undertake any obligation to update
publicly this forward-looking information to reflect new
information, subsequent events or otherwise.
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