Tour Tech still in business after last minute reprieve

The man who founded Tour Tech East Ltd. says he's feeling good about the futurenow that a new investor has been found to revive the financially-troubled company.

He is hoping everything will be finalized in the next 30 days and said he plans to continue to put his heart and soul into the business.

"Day to day operationsare 100 per centgoing forward and going forward into the distant future," PeterHendricksontold CBC News.

Tour Tech, known for providing sound and lighting equipment to big acts, sought creditor protection earlier this yearafter the Business Development Bank of Canada called in its $4.7 millionloan.

In bankruptcy court on Wednesday, an investor came forward.

"In one sense it was a bit of a sad moment because the company that I had found and built up in 1974came to an end yesterday,"Hendricksonsaid.

"However, out of the ashes of that is a new entity that is coming forward and I do feel with the new partner it's going to be a good strong relationship."

Hendricksonsaid Tour Tech was builtby "a guy who had a hobby that got out of hand and became a business."He said it was never properly structured, but he's learned from his mistakes.

"Being able to get help from people who have the wherewithal and who have a team behind them is going to help a lot," he said.

He won't identify the investor but said he feels good about the future.

As the company rebuildshe plans to hire back the people he was forced to lay off.His message to customers: "You've trusted us in the past, you can trust us in the future."