TORONTO, Aug. 2, 2007 (PRIME NEWSWIRE) -- Consolidated Mercantile Incorporated ("CMI" or the "Company") (Nasdaq:CSLMF) (TSX:CMC) announced today that Distinctive Designs Furniture Inc. ("Distinctive"), a company in which CMI has an equity interest and is a secured creditor, has filed a Proposal to restructure its unsecured liabilities. Distinctive intends to continue conducting its business in the normal course while its management works towards creditor acceptance and court approval of the Proposal.
CMI had previously announced its intention to initiate a process to sell its investment interest in Distinctive. The Board continues to evaluate potential strategies for implementing the sale of its interest in the restructured entity.
Consolidated Mercantile Incorporated is a management holding company which provides merchant banking and effects its investment strategy through investment in its core strategic industries.
"Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements which reflect management's current views of future events and operation. These forward-looking statements are based on assumption and external factors, including assumptions relating to product pricing, competitive market conditions, financial data and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions or external factors could produce significantly different results.