MONTREAL, April 2 /PRNewswire-FirstCall/ -- MEGA Brands Inc. (TSX: MB) announced today the execution of the seventh amending agreement to its Credit Agreement providing for certain further changes to the terms of its Credit Facilities maturing in 2012. These changes include a waiver of certain covenants for the quarters ended December 31, 2008 and March 31, 2009 and the alignment of thresholds of the same covenants for the second, third and fourth quarters of 2009 to the Corporation's 2009 operating plan. The amendment also provides for certain other restrictions and compliance requirements on the Corporation. The Corporation will be posting the amending agreement on SEDAR in accordance with applicable continuous disclosure requirements.
The execution of the amending agreement allows the Corporation's auditors to finalize the financial statements for the year ended December 31, 2008. Consequently, the Corporation will publish its financial results and audited consolidated financial statements and notes on April 6, 2009 before markets open.
"We are pleased with the continuing support of our lenders," said Marc Bertrand, President and CEO of MEGA Brands. "With this agreement, we can now focus on the continued implementation of our Value Enhancement Plan and the ramp-up of our 2009 product line."
As at December 31, 2008, the Corporation held cash and cash equivalents of $49.4 million and its liquidity as at April 1, 2009 was substantially at the same level.
MD&A Filing
MEGA Brands will file the Management's Discussion and Analysis as well as the audited consolidated financial statements and notes for the years ended December 31, 2008 and 2007 via SEDAR and will make them available on the Corporation's Web site (as of 7:00 a.m.) on April 6, 2009 prior to the conference call referenced below/prior to the opening of markets.
Conference Call
An analyst conference call will be held at 7:30 a.m. on April 6, 2009 to discuss the results. Participants may listen to the call by dialing 1 (800) 733-7560. For those unable to participate, a replay will be available until April 13, 2009. The replay phone number is 1 (416) 640-1917, access code 21302665#.
Forward-looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements". These statements represent the Corporation's intentions, plans, expectations and beliefs. In certain instances, these statements require us to make assumptions and there is significant risk that these assumptions may not be correct. Furthermore, these statements are subject to risks, uncertainties and other factors, many of which are beyond the Corporation's control. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable legislation. Readers are cautioned not to place undue reliance on these forward-looking statements. More information about the risks that could cause our actual results to significantly differ from our current expectations can be found in the "Risks and Uncertainties" section of our third quarter 2008 and 2007 annual MD&A.
About MEGA Brands
MEGA Brands is a trusted family of leading global brands in construction toys, games & puzzles, arts & crafts and stationery. We offer engaging creative experiences for children and families through innovative, well-designed, affordable and high-quality products that deliver on our Creativity to the Rescue promise. For more information, please visit http://www.megabrands.com/.
The MEGA logo, Creativity to the Rescue, MEGA BLOKS, ROSE ART, MAGNETIX, BOARD DUDES and MAGNEXT are trademarks of MEGA Brands Inc. or its affiliates.
MEGA BRANDS INC.
CONTACT: Analysts and Investors: Eric Phaneuf, (514) 333-5555 ext. 2538,
ephaneuf@megabrands.com; Media: Harold Chizick, (514) 333-5555 ext. 2338,
hchizick@megabrands.com
