TORONTO, Nov. 16, 2004 (PRIMEZONE) -- Thinkpath Inc. (OTCBB:THTHF) announced today that it has successfully negotiated and consummated a settlement of all litigation with its previous landlord, SITQ. Terms involved a one-time cash payment of $250,000 and forgiveness of approximately $500,000 in accrued rent payable and cancellation of $4.5 million in future rent claims and damages.
This transaction sets the stage for further debt reduction and forgiveness and represents a very important first step in returning Thinkpath to financial health.
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.
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.