TAMPA, Fla. - (Business Wire) NetWolves Corporation (Pink Sheets:WOLV) announced today that the Disclosure Statement for its Second Amended Joint Plan of Reorganization has been approved by the U.S. Bankruptcy Court, Middle District of Florida, Tampa Division, and a date has been set for confirmation of that plan.
On April 29 2008, the Honorable Paul M. Glenn entered an Order approving NetWolves’ Disclosure Statement based on a finding that it contained adequate information for the purpose of soliciting votes on its Chapter 11 plan of reorganization. In that Order, the Bankruptcy Court also approved solicitation and voting procedures, accepted proposed forms of ballots, and established a number of important deadlines relating to confirmation of NetWolves Chapter 11 Plan. NetWolves expects to send out the approved solicitation packages to creditors in the coming week. A hearing for the court to consider confirmation of NetWolves bankruptcy plan has been scheduled for June 24, 2008 at 9:30 a.m. Eastern Time.
The Second Amended Joint Plan of Reorganization, the corresponding Disclosure Statement, and other relevant information are available under the “Case Documents” link on the website of the Company’s bankruptcy counsel, Jennis & Bowen, P.L., at www.jennisbowen.com.
About NetWolves Corporation
NetWolves Corporation is a leading telecommunications and Internet managed services provider offering single-source network solutions that provides multi-carrier and multi-vendor implementation to over 1,000 customers worldwide. The Company’s principal activity is to design, manage and deliver products and services allowing people and networks to access the Internet and telecommunications networks, efficiently and cost effectively. Some of NetWolves' customers include Suburban Propane, McLane Company, Barnes and Noble, Bloomnet, Liberty Travel, Spacenet and Marchon Eyewear. NetWolves is headquartered in Tampa, FL.
Forward Looking Statements
All statements other than statements of historical fact included herein, including without limitation statements regarding the Company’s financial position, business strategy, and the plans and objectives of the Company’s management for future operations, are forward looking statements. When used in this release, words such as “anticipate,” “believes,” “estimate,” “expect,” “should,” “intend,” “projects,” “objective,” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, ability to attract and retain new and existing customers, ability to raise additional funds, competitive factors and pricing pressure, capacity and supply constraints, the ability to sustain our projected rate of growth and the risk factors set forth in our filings with the Securities and Exchange Commission, our ability to successfully reorganize under Chapter 11 of the U.S. Bankruptcy Code; our ability to execute our business plans and objectives; our ability to retain customers, suppliers; vendors, partners and employees during our reorganization; regulatory and legal uncertainty.
NetWolves Corporation, Tampa
Peter C. Castle, CFO, 813-579-3200
info@netwolves.com
