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Effective Control Transport, Inc. : Effective Control Transport, Inc. Announces Advanced Negotiations With Vigil Locating Syste

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  Published in Business and Finance on Friday, June 19th 2009 at 8:30 GMT, Last Modified on 2009-06-19 08:30:41 by Market Wire
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MONTREAL--(Marketwire - June 19, 2009) - Effective Control Transport, Inc. (the "Corporation") (PINKSHEETS: [ EFFC ]) is pleased to announce its current advanced negotiations with Vigil Locating Systems Corporation ("Vigil") in order to create a leader in the field of monitoring the state of alertness of transportation equipment drivers (by land, sea and air).

First, Vigil would purchase all assets of ECT Corp., a subsidiary of the Corporation, assets which are related to the field of monitoring the state of alertness of transportation equipment drivers.

Furthermore, Vigil would proceed with the payment in shares of certain claims arising from the activities of the Corporation and ECT Corp.

The proposed Transaction between the Corporation, Vigil and the various creditors involved will constitute an arm's length operation subject to a number of conditions precedent, namely a complete due diligence of the stakeholders, a minimum private financing by Vigil and the receipt of all requisite regulatory and corporate approvals, including that of the TSX Venture Exchange.

Vigil's management intends to finalize its negotiations over the next few days and provide the market with its final results as soon as possible.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.