Poynt Corporation Announces Creditor Protection Stay of Proceedings Has Been Terminated
CALGARY, ALBERTA--(Marketwire - Nov. 1, 2012) - Poynt Corporation (TSX VENTURE:PYN) ("Poynt Corp." or the "Company") announced today that Hardie & Kelly Inc. of Calgary, Alberta, the trustee appointed pursuant to the Company's Notice of Intention to Make a Proposal proceedings (the "Proposal Proceedings") under the Bankruptcy and Insolvency Act (Canada)("BIA"), made an application to the Court of Queen's Bench of Alberta (the "Court") on October 31, 2012 to terminate the stay of proceedings (the "Stay") authorized in the Proposal Proceedings under the BIA. The application was approved by the Court, the Stay has been terminated and the Company is deemed to have made an assignment into bankruptcy.
Following the termination of the Stay, one of the Company's secured creditors made an application to the Court for a Receivership Order. The Court granted the Receivership Order and Hardie & Kelly Inc. of Calgary, Alberta, has been appointed as Receiver over the Company and its assets. The Receivership Order also approves a sale process for the sale of the Company's assets.
In addition, the Company received today the resignations of two of the Company's directors, effective immediately.
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Hardie & Kelly Inc.