Aastra Provides Information on Short-Term Investments
TORONTO, ONTARIO (August 23, 2007) -- Aastra Technologies Limited - (TSX: “AAH”) today provided information on its short-term investment program in light of the recent disruption in the Canadian credit market. As of August 23, 2007, Aastra had $13.7 million, or approximately 11% of its cash and short-term investment balances, invested in asset-backed commercial paper.
Aastra holds asset-backed investments in two trusts, $8.5 million in Structured Investment Trust III which were expected to mature on October 10, 2007 and $5.2 million in Lafayette Structured Credit Trust which were expected to mature October 30, 2007. These two investments were, and at this point continue to be, rated R-1 (high) by Dominion Bond Rating Service Limited, which is the highest possible rating for commercial paper. Management will continue to monitor the situation closely but does not expect this event to have any material adverse impact on its ability to fund its current operations or implement planned business development initiatives.
About Aastra Technologies Limited
Aastra Technologies Limited (TSX: “AAH”) is a global company at the forefront of the Enterprise Communication market. Headquartered in Concord, Ontario, Canada, Aastra develops and delivers innovative and integrated solutions that address the communication needs of businesses small and large around the world. Aastra enables Enterprises to communicate and collaborate more efficiently and effectively by offering customers a full range of open standard IP-based and traditional communications networking products, including terminals, systems, and applications. For additional information on Aastra, visit our website at http://www.aastra.com/ .
This press release contains forward-looking information or forward-looking statements within the meaning of applicable securities legislation (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken or achieved) are not statements of historical fact, but are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Aastra, or developments in Aastra’s business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Please refer to the heading “Risk Factors” in our annual information form filed on www.sedar.com, for the material factors that could cause our actual results to differ materially from the forward-looking statements made today. Forward-looking statements include, but are not limited to: Aastra’s expectation that’s its portfolio of asset-backed commercial paper will not have a material adverse impact on its ability to funds its current operations or implement planned business development initiatives. The material factors and assumptions that were applied in making such forward-looking statements today include: that our remaining portfolio of cash and short-term investments are well diversified among cash deposits at various banks, treasury bills (T-Bills) issued by various governments, banker’s acceptance (BAs) issued by various banks and highly-rated, short-term corporate bonds; and that the recent disruption in the Canadian credit market for asset-backed commercial paper will not materially adversely disrupt the credit market, in general, and specifically relating to the creditworthiness of Canadian banks and highly-rated, short-term corporate bonds . It is important to note that: unless otherwise indicated, forward-looking statements in this press release describe Aastra’s expectations as of the date of this press release; Aastra cautions readers not to place undue reliance on the forward-looking statements in this press release as actual results may differ materially from expectations if known and unknown risks or uncertainties affect Aastra’s business, or if estimates or assumptions prove inaccurate. Therefore, Aastra cannot provide any assurance that forward-looking statements will materialize and Aastra assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or other reason.
For further information contact:
Allan Brett, CFO,