TORONTO, Nov. 17, 2004 (PRIMEZONE) -- Thinkpath Inc. (OTCBB:THTHF) announced today that it has successfully negotiated and consummated a settlement of its notes payable to Denise Dunne-Fushi and Roger Walters. Dunne-Fushi, the former owner of MicroTech Professionals Inc., was paid a one time cash payment of $202,000 and forgave $433,000 of the note's principal balance. Walters, the former owner of CadCam Inc., was paid a one time cash payment of $33,600 and forgave $190,400 of the note's principal balance.
This brings the total debt forgiveness to $1,125,000 which will be recognized in the fourth quarter of 2004, and coupled with the settlement of the outstanding legal claim of SITQ National Inc. announced earlier this week, goes a long way towards the goal of eliminating all debt from the company's balance sheet with the exception of an operating line of credit, current trade payables and outstanding convertible debentures.
This transaction is another positive step towards restoring Thinkpath's financial strength and positions the company to work towards finalizing a complete restructuring.
Thinkpath is a global provider of Engineering Solutions in Engineering Knowledge Management, including Design, Analysis, FEA, Design/Build, On-site Support, Technical Publishing, Forensic Engineering and Consulting.
Further information about the company may be found at www.thinkpath.com.
For More Information and Investor Relations Please Contact: Tracy McKay Thinkpath Inc. Tel: (905) 460-3040 Email: communications@thinkpath.com
Forward-Looking Statement
This press release contains forward-looking statements regarding Thinkpath Inc., its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause Thinkpath's actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by Thinkpath in this news release and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect Thinkpath's business.