Poynt Corporation Files a Notice of Intention under the Bankruptcy and Insolvency Act
CALGARY, ALBERTA--(Marketwire - July 5, 2012) -
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Poynt Corporation (TSX VENTURE:PYN)(OTCQX:PNYTF) ("Poynt Corp." or the "Company"), announced that today it has filed with the Office of the Superintendent of Bankruptcy, a Notice of Intention to File a Proposal under the Bankruptcy and Insolvency Act (Canada) ("BIA"). As a consequence of such filing, any and all recourses of the Company's creditors are stayed for an initial period of thirty (30) days, which may be extended by the Court of Queen's Bench of Alberta. The Company is not currently in a position to meet the obligations owing to its secured and unsecured creditors and as such, has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations.
Poynt Corp. expects to file a formal proposal under the BIA, setting forth a comprehensive plan for payment to Poynt Corp.'s creditors in due course. The trustee named in the notice of intention is Hardie & Kelly Inc., of Calgary, Alberta.
In addition, Poynt Corp. has announced that David Lucatch has resigned from his position on the Company's Board of Directors. Poynt Corp. wishes to thank Mr. Lucatch for his service to the Company.
Poynt Corp. has terminated the previously announced private placement.
About Poynt Corporation
Poynt Corp. (www.about.poynt.com) (TSX VENTURE:PYN)(OTCQX:PNYTF) is a global leader in the mobile local advertising space. Its Location Based Search (LBS) and advertising platform, Poynt (www.poynt.com), enhances a user's ability to connect with the people, businesses and events most important to them. Poynt is available on Android, iPhone, Windows Phone and Nokia devices, along with BlackBerry smartphones and BlackBerry PlayBook Tablets in Canada, the United States, Europe, India and Australia. Poynt Corp. entered the mobile publishing space with the acquisition of an advertising publishing platform in January 2011. Whether through the Poynt Local Search Platform or the Ad Publishing Platform, Poynt Corp. simplifies connecting consumers with businesses, retailers and events. Headquartered in Calgary, AB, Canada, Poynt Corp. trades on the TSX Venture Exchange under the symbol PYN and in the United States on the OTCQX under the symbol PNYTF.
Reader Advisory: The press release may contain certain forward looking statements which may include plans, expectations, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, meeting the terms, conditions and approval requirements under the BIA, the effect of the notice of intention under the BIA and the Company's intentions to prepare and file a comprehensive creditor plan. Although Poynt Corp. believes that the expectations reflected in such forward looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. The effect of the stay of creditors and the formal proposal are subject to a number of conditions which Poynt Corp. cannot give any assurance that such conditions will be met on a timely basis, or if at all, as certain of the conditions are in the control of other parties. As such, the future plans and objectives of Poynt Corp. are forward looking statements that involve risks and uncertainties that may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The foregoing list of risk factors is not exhaustive. Additional information on risk factors is included in other public documents available under Poynt Corp.'s profile on SEDAR. Although Poynt Corp. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. In making its forward looking statements, Poynt Corp. used, among others, the following material factors or assumptions to develop a forward looking information enumerated above: the protections under the BIA are available to Poynt Corp. and Poynt Corp. will be able to formulate a suitable creditor proposal in the timelines required under the BIA. Poynt Corp.'s forward looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Poynt Corp. does not intend, nor does it undertake any obligation, to update or review any forward looking statements to reflect subsequent information, events, results or circumstances or otherwise.
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