January 30, 2009 – SMIC Credit Facility being Reviewed
maxill has received notice from SMIC that the existing private equity partnership between maxill and SMIC is up for a full-dress review pursuant to Section 9.09 of the 2006 Agreement.
maxill management met recently with SMIC officers. It is clear from this meeting that the current global economic malaise is adversely impacting private equity firms of all genres.
SMIC expressed to maxill that every folder in it’s entire venture portfolio is under “active review” . SMIC did indicate that there would be, in all likelihood, strong fundamental changes to the existing agreement.
SMIC expects it’s review to be completed within 30 days.
maxill inc. is an Ontario jurisdiction, reporting issuer, public company.