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Brainhunter announces default notice

August 31, 2009
Staffing Industry Analysts North American Daily News

Brainhunter Inc. (TSX: BH), a Toronto-based information technology staffing and solutions firm, announced Friday it received a default notice from its bank over requirements relating to its financial position and results of operation as well as the obtaining of a letter of intent for the sale or refinancing of the company.

The company said it's prohibited from making payments to holders of approximately C$10.7 million (US$9.8 million) in term promissory notes under the default, but the bank has not demanded repayment of the principal on a C$26 million (US$23.8 million) operating credit facility.

Brainhunter said it has received several proposals regarding strategic and refinancing solutions.