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Re: News Release - Tuesday, August 21, 2007
Maximus Comments on Status of Short-Term Investments
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Longueuil, Quebec: Maximus Ventures Ltd. ("Maximus") (TSX Venture
Exchange: MXV) advises on the impact of recent disruptions in global
credit markets on $4.8 million of its $5.4 million in cash and
short-term investments. The amount of $4.8 million was invested in
Canadian asset-backed commercial paper ("ABCP"). The remaining $0.6
million is held in cash not affected by this situation.
Maximus' portfolio of short-term investments meets the criteria of its
investment policy and was invested on the basis of professional advice
from a major financial institution. The Company invested $0.8 million
in Ironstone Trust E, $2 million in Rocket Trust E and $2.0 million in
Appsley Trust E. Each of these instruments matured last week but their
maturities were not met and they remain outstanding.
The Company's ABCP investments were all rated R1-High (highest rating
available for short-term commercial paper) by the Dominion Bond Rating
Service ("DBRS") at the time they were purchased. While the DBRS
announced last week that the investments are under review, the DBRS has
rated the above trusts and their underlying assets as R1-High.
A consortium representing banks, asset providers and major investors
have agreed in principle to take significant steps to re-establish
normal operations in the market for Canadian asset-backed securities.
These steps include all investors in such ABCP issuers to exchange
their holding in each issuer for long-term note on an individual issuer
and series basis. The term of the note would match the term of the
assets within that ABCP issuer and series. The Company continues to
monitor these developments.
Maximus currently believes that it has sufficient cash available to
meet its short-term financial obligations. The Company is also working
to have in place a line of credit as a short-term solution to this
situation and will provide additional information shortly.
For further information please contact:
Fran�ois Viens
President and CEO
Maximus Ventures Ltd.
Telephone : (450) 677-1009
Facsimile : (450) 677-2601
www.maximusventures.com
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.
Forward-looking Statements
This release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future, are forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "believe",
"plan", "estimate", "expect", and "intend" and statements that an event
or result "may", "will", "can", "should", "could" or "might" occur or
be achieved and other similar expressions. These forward-looking
statements reflect the current internal projections, expectations or
beliefs of the Company based on information currently available to the
Company. Forward-looking statements are subject to a number of risks
and uncertainties, including those detailed from time to time in
filings made by the Company with securities regulatory authorities,
that may cause the actual results of the Company to differ materially
from those discussed in the forward-looking statements, and even if
such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or
effects on, the Company.
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Copyright (c) 2007 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
Message sent on Tue Aug 21, 2007 at 10:42:27 AM Pacific Time
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