Ivaco Inc. announced that, given the previously announced Court-approved sale of company assets to a subsidiary of Heico Companies, LLC, it will not be in a position to file its financial statements for the period ended Sep. 30, 2004, or, possibly, for future periods.

The sale had been announced within the context of Ivaco’s restructuring under the Companies’ Creditors Arrangement Act (CCAA). Randall Benson, Ivaco’s Chief Restructuring Officer, said “We remain optimistic that we will complete the remaining requirements and expect a closing prior to year-end.”

The purchase price for Ivaco’s assets and other financial amounts will not be finalized until immediately prior to or just after completion of the sales transaction. As a result, Ivaco will not be in a position to prepare financial statements that accurately reflect the company’s true financial condition.

As previously announced, trading of Ivaco securities on the TSX has been suspended, and there is currently no market for Ivaco shares or any expectation that such a market will develop. Shareholders and other stakeholders can access reports issued by Ivaco’s Court-appointed Monitor, Ernst & Young Inc., on the Ernst & Young website.

Ivaco, a Canadian corporation, is a leading North American producer of steel, fabricated steel products and precision machined components. The company’s fabricated steel products operations have a rated production capacity in the area of 350,00 tons per year of wire, wire products and processed rod, and over 175,000 tons per year of fastener products.