One of the only Canadian companies to see global success, Poynt has had over 15.4 million users, with a goal of reaching 40 million. However, that goal will likely never be met as Poynt is now filing for bankruptcy. Poynt was one of the apps showcased at BlackBerry World 2012, to which they’ve been a big BlackBerry supporter. What will happen to the Poynt app? Will we see a Poynt app for BlackBerry 10 devices? Check out the full press release for more details:
CALGARY, ALBERTA–(Marketwire – July 5, 2012) – 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.