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Riviera Tool Company (RIVT)

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Last Post: 4/15/2016 4:01:19 AM - Followers: 21 - Board type: Free - Posts Today: 0
Common stock - No par value:
Authorized - 9,785,575 shares
Issued and outstanding - 4,400,458 and 4,257,601 shares as of
November 30 and August 31, 2006, respectively



Riviera Tool Company Announces Foreclosure of Assets
GRAND RAPIDS, Mich., Oct. 26,2007 /PRNewswire-FirstCall/ -- Riviera Tool Company (Pink Sheets: RIVT.PK) ('Riviera' or 'the Company') today announced that all of the assets and intellectual property of the Company had been foreclosed on by its primary secured lender, Laurus Master Fund, Ltd. ('Laurus').

The Grand Rapids, Mich.-based stamping company said the foreclosure of assets follows an August 2007 demand notice issued by Laurus, following a default by the Company on its loan agreements. Discussions between the Company and Laurus to extend or refinance the Company's existing credit agreement were unsuccessful. Pursuant to the foreclosure proceedings, in accordance with the Uniform Commercial Code, the Company was released from certain indebtedness to Laurus in exchange for the surrender of the Company's assets and intellectual property securing its obligations under the credit agreement.

As a result of the Foreclosure Agreement, the Company has no remaining operations and a de minimus amount of cash.

The Company said that following the foreclosure, Laurus sold the assets and intellectual property in an arms-length transaction to a privately held North American company, Riviera Tool, LLC doing business in Michigan as Riviera Tool Acquisition, LLC. The new owner intends to operate the Company at its current facility in Grand Rapids. The majority of the Company's 68 employees will be offered employment with the new owner.

About Riviera Tool

Riviera Tool Co. (http://www.rivieratool.com) designs, develops and manufactures large-scale, custom metal stamping die systems used in the high- speed production of sheet metal parts and assemblies for the global automotive industry. A majority of Riviera's sales are to BMW, Nissan, General Motors Corp., Ford Motor Co. and their Tier One suppliers.

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RIVT
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#1976   RIVT - Looks like another short gave up Aduke 04/15/16 04:01:19 AM
#1975   That's a question for whoever bought the shares. Aduke 03/14/16 06:23:44 AM
#1974   Who would ya sell them to? Weird·o 03/02/16 06:45:56 PM
#1973   O.K. thanks for the reply :-) Weird·o 02/23/16 09:32:27 PM
#1972   Yes, it does. If you own shares of Aduke 02/22/16 04:27:28 AM
#1971   I see signs of the turn coming around. Phoenixxx 02/22/16 01:51:32 AM
#1970   Does it matter? Weird·o 02/21/16 11:55:26 PM
#1969   selling my last 1190 shares at 0.08 GoldenDD 01/07/16 01:09:47 PM
#1968   Yes, it's just a zombie ticker. And janice shell 01/01/16 05:49:03 PM
#1967   Can't blame them. Peeps just want to sell alchemytrader 01/01/16 05:46:54 PM
#1966   So far, the action's been less than electrifying... janice shell 01/01/16 05:24:53 PM
#1965   Weeeeeeee!!! alchemytrader 01/01/16 05:24:16 PM
#1964   Yep. FINRA lifted the halt on 7 December. janice shell 01/01/16 05:21:56 PM
#1963   Wait...this thing is trading again? alchemytrader 01/01/16 10:34:36 AM
#1962   Thanks, minten. Aduke 12/15/15 10:46:44 PM
#1961   yes. the shares don't exist anymore, so minten 12/15/15 07:55:10 PM
#1960   Probably most of it is. I can't janice shell 12/14/15 06:42:00 PM
#1959   So now it's all short covering? Aduke 12/14/15 06:38:10 PM
#1958   No. Shorts were trapped as long as janice shell 12/14/15 05:18:37 PM
#1957   People are still shorting this! Amazing!!! They just Aduke 12/14/15 03:01:13 PM
#1956   You will likely have to call them. It Michael-Goode 12/14/15 10:29:14 AM
#1955   Can't sell on scottrade Jackrabbitslim 12/11/15 11:03:47 AM
#1954   And soon, it will be down. It's janice shell 12/10/15 09:14:27 PM
#1953   I banked today. Up huge taubytaub 12/10/15 09:11:15 PM
#1952   What are you talking about? There is janice shell 12/10/15 09:10:55 PM
#1951   Boom time. See u in dollars taubytaub 12/10/15 09:08:02 PM
#1950   663 left @.07 Travisg 12/10/15 01:36:50 PM
#1949   2163 shares available @.07 leaving the order open Travisg 12/10/15 08:13:01 AM
#1948   It certainly looked as if FINRA'd forgotten all janice shell 12/09/15 04:45:03 PM
#1947   True. I always had thought the same. Garyst 12/09/15 03:52:24 PM
#1946   would have been the sensible thing. minten 12/09/15 03:39:20 PM
#1945   I thought you and others said it would Garyst 12/09/15 03:35:34 PM
#1944   Dam, didn't even catch this today that it Garyst 12/09/15 03:34:27 PM
#1943   Per Interactive Brokers just now RIVT is .05 Michael-Goode 12/09/15 03:33:46 PM
#1942   There is no exchange, but if you replace Michael-Goode 12/09/15 03:24:09 PM
#1941   also, AFAIK, there's not 1 bid or 1 minten 12/09/15 03:22:04 PM
#1940   RIVT..TRADING..GARYST.WEIRD. I..UNLOADED..MY..LAST..ONES@0.0640. otcmoneydoubler 12/09/15 02:59:13 PM
#1939   That is normal with stocks trading on the Michael-Goode 12/09/15 02:44:08 PM
#1938   Moved to .07 2163 Travisg 12/09/15 02:40:07 PM
#1937   Limit sale for someone to cover 2200 shares Travisg 12/09/15 02:24:02 PM
#1936   No. It's Grey Market, nobody knows, there's no minten 12/09/15 02:10:31 PM
#1935   Travisg, is there a way to find out trade free 12/09/15 01:21:09 PM
#1934   Price is all over the map. Weird. ihorchu 12/09/15 01:00:55 PM
#1933   Lol if it doesn't sell it will be Travisg 12/09/15 12:49:43 PM
#1932   Haha. That sounds more like it. minten 12/09/15 12:33:29 PM
#1931   2163 available at .10 now Travisg 12/09/15 11:50:01 AM
#1930   .10 Travisg 12/09/15 09:40:28 AM
#1929   Only one trade at $0.01. 16,570 shares. Probably Aduke 12/08/15 07:37:55 PM
#1928   Yeah, I was just warning you this stock minten 12/08/15 06:02:11 PM
#1927   Now is that a nice thing to say? janice shell 12/08/15 05:54:47 PM
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