Poynt CEO says "We are continuing to operate, grow and develop. Nothing really has changed."

Poynt BlackBerry PlayBook
By Adam Zeis on 20 Jul 2012 12:59 pm EDT
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Earlier this month, Poynt issued a press release stating that they had filed under the Bankruptcy and Insolvency Act. While it was easy to misread the release itself, many (CB included) understood the information to mean Poynt was filing for bankruptcy -- this thankfully isn't the case. Poynt is the same as it ever was and won't be disappearing any time soon. 

Yesterday I had a chance to chat with Poynt CEO Andrew Osis and he was kind enough to fill me in and bring me up to speed on what's happening at Poynt.

First, the good news. Poynt isn't going anywwhere. The company had actually filed for creditor protection which -- as far as end users are concerned -- doesn't change anything. Poynt is still going as strong and Andrew assured me that "We are continuing to operate, grow and develop. Nothing really has changed." Poynt is currently available in nine countries on multiple platforms and adding over 20k users a day. 

As far as BlackBerry 10 is concerned, Poynt will be there. It won't be just a straight port from the BlackBerry PlayBook version either. I was told they want to continue the great releationship with RIM and while a bit bummed about the delay, are still working to bring a custom Poynt experience to BlackBerry 10 devices.

So all is well Poynt fans - you're favorite local search app is here to stay :-)

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Poynt CEO says "We are continuing to operate, grow and develop. Nothing really has changed."

27 Comments

I'm with ya there!

Poynt is my one and only "must-have" 3rd party app. One I would gladly pay for if they charged for it.

Near second is Pandora.

I was concerned about the future of Poynt. I use it every day multiple times a day. It's one of the few apps I would truly be lost without.

Sorry didn't mean to hijack this blog but my browser just had a popup ad for Motorola Admiral and the keyboard looks almost identical with the BlackBerry keyboard. How did RIM let this slide?

TMO_9000_32GB_PB

Reasons why RIM cannot sit on their laurels claiming to have the best keyboard devices. Google (with Motorola) is determined to break into that market. RIM needs to crack the all-touch market BIG TIME with BB10.

Reasons why RIM cannot sit on their laurels claiming to have the best keyboard devices. Google (with Motorola) is determined to break into that market. RIM needs to crack the all-touch market BIG TIME with BB10.

Just googled and yes there is some serious similarity to the current bold 9900 keyboard and almost looks like a BB10 qwerty device.

Great to hear! One of my favourite apps on Blackberry. Really hope they'll still be around to support BB10. The stock price looks dismal on PYN so I hope people weren't burnt too badly there...

Regardless of what the CEO says, the company is dire straits. As was pointed out above, the fact that Poynt filed a notice under the office of the superintendent of bankruptcy means: “As a consequence of such filing, any and all recourse of the Company’s creditor are stayed for 30 days... The Company is not currently in a position to meet obligations owing to its secured and unsecured creditors...”

And the private placement the company announced has been cancelled resulting in the firm defaulting to one its creditors...

The filing gives the company 30 days to resolve the issues or creditors can (and usually) do what’s in their best interest, not Poynt. I hate lying CEO’s... “nothing has really changed”

Not sure who that was directed at dispatchdan? But I hope it wasn't greyw0lf01

He makes some very reasoned and intelligent points. I am curious too. If everything is fine, why the filing? I don't claim to be an expert, so cannot say for sure, but it also seems like Adam may have just taken Andrew Osis at his word. Did you push as to WHY this filing then Adam? It has to have happened for a reason, and its not likely a positive one. I call shenanigans. Just don't know what kind of shenanigans it is.

There are two reasons to file for Chapter 11 (Creditor Protection). 1) You can't pay the rent, 2) You have a buyout pending and don't want your creditors screwing you to prevent it.

It is fairly common for smaller companies to file it right before they announce they have been sold. The protection stops the creditors from immediately asking for their money back.

Funny how people at Poynt haven't been paid for weeks, and now being let go....but it's business as usual??