The Court Approves Interim Financing Plan for The Project Group
Tuesday July 26, 10:32 am ET
Provides Needed Working Capital to Continue Operations
HOUSTON--(BUSINESS WIRE)--July 26, 2005--The Project Group, Inc. (OTC-PK:PJTG) announced today that the Federal Bankruptcy Court has approved an interim financing plan that provides working capital required to maintain the operations of the Company. The interim financing will be provided by Corporate Strategies, Inc. Merchant Bankers of Houston, Texas. The Court also established the current management as the debtors in possession with responsibility to execute the business plan.
"This interim financing provides funds to keep our employees and key suppliers engaged in providing the services we are known for, enterprise project management (EPM) and collaboration solutions. We are in contact with all of our clients and continue to provide the services called for in existing contracts. Our marketing team expects to announce new client assignments in the next few weeks, and we have won and started a contract with a major engineering and construction company based in New Orleans in the past week," said Craig Crawford, CEO and President.
