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MTI Global Inc.: MTI Global Extends Bank Forbearance Agreement

^{Published on 2009-09-30 17:27:30 - Market Wire}
 

MISSISSAUGA, ONTARIO--(Marketwire - Sept. 30, 2009) - MTI Global Inc. (the "Company") (TSX:MTI) announced today that the forbearance agreement with its principal Canadian bank has been extended to Friday, February 26, 2010. This extension is subject to the satisfaction by the Company of certain conditions and the absence of any terminating events as set forth in the amended forbearance agreement.

Combined with the recently announced $7.4 million subordinated debt financing agreement with Wellington Financial LP, this extension demonstrates that the Company continues to retain the support of its lenders.

"Taken together, these new lender arrangements provide us with the ability to move forward and meet our near-term objectives" said Bill Neill, MTI President and CEO.

About MTI Global:

MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on two main areas: Silicone and MTI Polyfab comprising Aerospace and Fabricated Products. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI Global also produces and distributes specialty silicone elastomer products. MTI Global's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France. MTI Global's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Bremen, Germany, Milton, Florida and a contract manufacturer venture in Ensenada, Mexico. The Company also maintains engineering support centres in Brazil and Toulouse, France. The Company's website is [ www.mtiglobalinc.com ].