These last few weeks has be filled with sad news. Last week, Calgary,AB-based Poynt filled for bankruptcy. It's sad to see them in this situation, as they are one of the very few Canadian software companies to see international success.
Let's hope this doesn't put a damper on their already existing BlackBerry 10 app they demonstrated at BB10Jam in Orlando.
You can read the full Press Release:
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.