NGI Norwall Group

BRAMPTON, ON, Nov. 29 /CNW/ -- BRAMPTON, ON, Nov. 29 /CNW/ - Norwall Group Inc., one of North America's largest converters and distributors of residential wallcovering, announced today its financial results for the nine months ended September 30, 2010. Sales for the quarter ending of 2010 were $10,586,000, down $8,303,000 or 44.0% as compared to the same period in the previous year. The nine month net loss was $4,433,000 or $(0.62) per share as compared to the net loss of $4,023,000 or $(0.56) for the comparable period last year.  The Company has issued a Management Information Circular on November 3, 2010 proposing a special Shareholder meeting be held on December 3, 2010 to consider and pass a resolution authorizing the filing of articles of amendment in order to consolidate the outstanding common shares of the Company which will in effect "privatize the Company. The Company will concurrently apply to have its shares de-listed from the Toronto Venture Exchange and will also apply to the securities regulatory authorities to cease to be a reporting issuer in each province in which it is currently a reporting issuer.  The complete Management Information Circular is available on SEDAR. Norwall Group (TSXV:NGI) manufactures quality residential wallpapers and borders and distributes them to thousands of home centres, specialty stores and mass merchants in Canada and through its wholly-owned operating subsidiary, Patton Wallcoverings, in the United States. This Press Release contains forward-looking statements reflecting management's current expectations regarding future results of operations, economic performance, financial conditions, and achievements of the Company.  Actual results may differ materially from those in such statements.  The Company wishes to caution the reader that those important factors described elsewhere in the management's discussion and analysis of operations  could affect the Company's actual results and could cause such results to materially differ from those expressed in any forward-looking statement made by, or on behalf of, the Company. %SEDAR: 00002584E table border="0"trtd(905) 791-2700br/ br/ James J. Patton/td td valign="bottom" align="left"Edward Diochon/td/tr trtdPresident and Chief Executive Officer/td td valign="bottom" align="left"Vice President of Finance/td/tr trtda href="mailto:jpatton@norwallgroup.com"jpatton@norwallgroup.com/a/td td valign="bottom" align="left"a href="mailto:ediochon@norwallgroup.com"ediochon@norwallgroup.com/abr//td/tr/table

Copyright