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Microforum Inc. (ticker: MCF.TO, exchange: Toronto Stock Exchange) Microforum files for CCAA protectionReorganization provides best opportunity to maximize value of the company assetsTORONTO, Jan. 29 /CNW/ - Microforum Inc. (TSE: MCF - news) today announced that it has voluntarily sought and obtained protection under the Companies' Creditors Arrangement Act (CCAA) pursuant to an Order from the Ontario Superior Court of Justice (the "Court"). The initial Order, as is customary in these matters, is for a period of 30 days (the "Initial Order"). Ernst & Young Inc. has been appointed by the Court as monitor under the CCAA proceedings. Microforum has also retained TD Securities Inc. to assist with identifying and evaluating strategic alternatives for the Company, including the merger or sale of all or part of the Company. "We have taken this step in order to provide the Company with the time and flexibility necessary to attempt to work towards restructuring the Company's current debt obligations. Microforum's objective is to file a plan of arrangement for approval by the Court with a view to beginning meetings with creditors and trade suppliers as soon as possible. Microforum's customers will remain unaffected by this announcement as the Company has sufficient funds on hand to enable it to continue normal operations during the Initial Order. We are committed to maintaining high service levels to customers during this period", said Steven Schofield, President & CEO. For additional information, a copy of the Affidavit filed in support of the CCAA application can be found on the Company's Web site www.microforum.com. About Microforum Established in 1987, Microforum sells software solutions to organizations that seek a competitive edge. The company is listed on The Toronto Stock Exchange (TSE: MCF - news). For further information Please contact: Michel Beland, Chief Financial Officer, Microforum Inc.,(416) 467-4009, 1-866-467-4700, michel.beland@microforum.com or John Sadler, (416) 467-4055, investor.relations@microforum.com
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