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Poynt Corporation files for bankruptcy

Poynt BlackBerry
By Adam Zeis on 6 Jul 2012 02:46 pm EDT
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One of our long-time favorite apps may be no more. Poynt Corporation has officially filed a Notice of Intention under the Bankruptcy and Insolvency Act. At last check, Poynt seemed to be going strong so we're not really sure when things took a turn for the worse. It's definitely sad to see Poynt in this position.

From the press release:

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 has been popular across multiple platforms for quite some time and offered up location-based searches for movie times, gas prices, restaurants, local info and more. 

This could possibly mean that Poynt won't make it to BlackBerry 10. What are your thoughts - do you use Poynt and if so, will you miss it if it goes away? Let us know in the comments and keep reading for the full press release.

More information/Download Poynt
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Poynt Corporation Files a Notice of Intention under the Bankruptcy and Insolvency Act

CALGARY, ALBERTA--(Marketwire - July 5, 2012) -

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES

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.

Source: Marketwire

106 comments

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Poynt Corporation files for bankruptcy

106 Comments
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I never really got into this app. Sad to see it go, but there are better alternatives to using Poynt.

The only thing sadder than claiming "first" (or "Mirst"), is congratulating someone else for having attained such a non-achievement.

Dude, I'm a big fan of Poynt, and after reading the announced statement, the company plans to continue but hopes it will reach a settlement with its creditors through bankruptcy protection. I hope they will be able to resolve this issue as this is such a strong app on the BlackBerry platform.

Mirst :)
Doh, Mird

That’s surprising!
Great app! in fact, it was one of the apps I would showcase to iClone and Drones to say "hey, we got good stuff too!"

Tremendously sad... One of the great "power" apps out there. Slick, incredibly useful, and a true stand-by that I used almost daily. Hopefully a Knight in Shining Armour will come in last-minute and gobble them up.

Is this a joke? This app is horrible.

It's horrible on BB and it's horrible on iOS. It has terrible reviews on iOS.

I'm not surprised by this in the least--- if you put garbage out you will fail. Plain and simple.

Literally never found anything close to me. I'd type in zip codes and used gps. It was slow and totally unusable. I live in the 5th largest metro area in the USA so... it's certainly not because of location.

I haven't used it for iOS either but I saw reviews and it was very poorly rated which didn't surprise me.

Wow its always worked wonderfully for me! Its got me out of more than a few jams and i love the reverse phone lookup option too!

Also i love how it provides phone numbers along with directions and it interacts with whatever navigation app you use on your phone...Its a top notch app....if you know how to use it :P

Same here, we use it for movies and finding new places to go eat. Used it for planning our vacation and thoroughly enjoyed the app on our PlayBooks.

I used to use it a lot when I was travelling for work. Always allowed me to find what I was looking for in different Canadian cities. Can't say I ever had lag issues or other problems. I for one will miss it.

I live in chicago and this app is nothing short of excellent. I've used it to find movies, restaurants, events, you name it. I will miss this app if the company goes under.

I use Poynt to find everything!works fantastic for me. I know the iOS version isn't as capable as the BlackBerry version, and iOS has a lot more competition. Why install Flixter or several other movie review tools or OpenTable, or yellow pages when Poynt does it all so well. Best of all, it fulfills the superapp label of being tightly integrated with other mapping software and other tools.

Where do you live? In the middle of the ocean? The app works perfect for me. Always find the cheapest gas stations, restaurants, everything works just fine for me using this app...

Why do you keep stating it this way? Why don't you just say you live in Houston? It was bugging me so I had to "google it" seems Houston overtook Philly to become the 5th largest. As for me, I've never had a problem with Poynt, always works(ed) well here in SW FLORIDA.

Thought it was great for a BB as I was able to find things on it. Not so much on the PB. With this being gone, I'll probably use Wikitude a little more. FYI, people are shocked when my "outdated" BB use it on the phone.

On the playbook it was a better than Google maps app. What oes that say about BB10? BB10 is not something to look forward to on the BB phone platform.

+1. Thinking Intertainment Media will buy them out and continue running it. They have this Ortsbo translation thing going on too so they have experience with mobile apps.

Been using Poynt since I bought my first blackberry. Very useful app. If it goes away there is at least Bing local search that is just as good.

Hmm, interesting how an app like Poynt which actually generates revenue has to file for bankruptcy but an app like Instagram that had ZERO revenue gets bought up for a billion dollars... Makes you wonder.

Might have been.

Both iOS and Android had built-in searches for most of the items in Poynt - SIRI could do it much quicker.

Where as it was the best way to get this information on a BlackBerry. So with BlackBerry customers in their coverage area going down, and usage of the app likewise shrinking...

Always wondered why RIM never bothered to incorporate these basic features into the BBOS!

You're obviously using a different iOS device than everyone else if you say that most Poynt features are built in to iOS and Android.

Have you ever used Poynt? Let's see:

YellowPages
WhitePages
OpenTable
RottenTomatoes
WestWorldMedia
GasBuddy
Etc.

All that built into iOS and Android?

Troll tries for a score... but fails!

WTF! I use this app all the time. Even with my 9900, I don't seem to be able to load many apps without the dreaded hour glass, making this app one of my top 10 must haves.

Disappointed to hear; its certainly was an app that I used a lot - both on my phone and playbook. I also liked how it could sync between the two devices - something that more apps should be able to do.

I think it's a sad day that will see Poynt no longer in the app world. It was one of the first apps that I ever installed when I get my first blackberry (8520). I will surely be sad to see them go.

So sad. I hope they pull through. Poynt is one of the first app I download whenever I get a new berry.

That's because they're always sending their employees (with friends) all over the world on junkets to Vegas, LA, for big week long parties to celebrate how great they are.

Not a bad app, sad to see this. Kind of surprised as they had ads on some cars at a few Nascar events this year.

I love this app. It always worked quite well for me. Directions, phone numbers, local restaurants, addresses, movie listings, reviews and trailers. Always found what I needed and did so quickly.
Sad.

This is one of my goto apps on both my phone and Playbook. This was my fallback when the 411 app stopped being supported. I loved this for gas prices, movie times, restaurants, and people searches. I'm really going to miss it.

yes berry411 was awesome... and Poynt was definitely what I used to replace that... I use it a lot. ever since my 8100. So sad..

From almost the getgo one of my favorite apps and I loved the Playbook - handheld integration and the just plain fact that Poynt showed respect and sincere interest in the RIM platform. Wonder if RIM could pick them up with some of their remaining $2B and integrate this w/ what I hope is the coming GIST and other acquisition integrations.

I think its a problem of how to monetize the app. Great stuff but no revenue I think that we will see more and more of these companies going under.

Ask RIM to acquistion them!! It is such a great product! I use it all the time, and is much better IMO of the other competitors.

I know I will miss future updates! =(

I just used Poynt the other day when searching for movies to go to. I will really miss this app if it goes away. I hope there is a replacement for it on BB.

I always found this app useful and never had a problem with it. It is one of the apps I use on a regular basis.

This app worked on my 9900 and playbook gps, search etc., and looks great. The odd time the first few results were wrong but 99% of the time found exactly what I needed it. "Poynt it" has replaced "google it" for me. I hope there's a good alternative if this app disapears

NOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!! This is like the only app I actually use on my Black Berry! Why!!!!!!! its really such a nice app. and easy to use.. I always purchase movie tickets through poynt. and find all my locations and all of that great sfutf... :(

Not all acquisitions or roll-in's to BB work as well or fully replace the original. When WorldMate stopped supporting BB or rolled their app into what is now BlackBerry Travel there was a loss of features and to me falls a bit short of the WM app. So, I would hope that Poynt is able to hang in there and not look to BB to acquire them unless all the features come with and are supported. Poynt has always worked well for what I needed it to do and passed this onto friends who loaded in on their BB's.

What a bummer. I use this app a lot. Actually, I'm surprised it's free - maybe that's why they ended up going bankrupt. I would've gladly paid a buck or two for it.

This is one of the few Apps for blackberry that was very well put together. It's a shame they are going under.

They were only doing $2MM in revenues last year with a high level of expenses. Revenues were double previous year though.

The only thing this company has is it's software and revenue base, so I expect that this will be sold to pay the creditors something and the software will continue if they can get the expense base down and see further growth.

Roz K.I used Poynt on my Playbook and I will miss it, I found it very useful for a quick reference when I needed a showtime, a restaurant, or even a gas bar. I am sorry they failed but imagine it would be hard to maintain funding.

Jeez, you have gots to be kidding, I use it everyday. From movies to looking for businesses around me, I use it like crazy.

I was in Niagara Falls for a stag, on the way to the hotel, I looked up LCBO and it found one a few minutes away, it mapped my root and after a few minutes of thinking we need to get booze, I was at the till checking out. One small example of how usefull the damn app is.

I am sad to be sure.

If Poynt completely goes under, I'll miss it terribly! I love all the different types of location based services aggregated into this single app: I would really hate to have to DL a half dozen other apps to replace what this one does... :(

What a shame as this is a great app!!! I use it all the time. Hopefully, they can work through this or at least some other company grabs it up and continues to support it. I would gladly have paid for this app. I was surprised it was free considering how good it works, without any lagging when using it.

Kinda feel guilty to the point I and perhaps other users who want to keep this app should send in a late payment for this app.

If you notice, the statement about bankruptcy also stated "allowing it to carry on its operations."
There probably will be a plan put in place by the creditors and/or Poynt to generate some revenue, or a plan put in place to sell the company as it continues to operate. Then Poynt has value.

I used it just today as a matter of fact. I love it. So I guess we can use the app if we already have it but any up to the minute info will be no more

I use it all the time... I will be very sad if it disappears. Whenever we go to the movies, I use it instead of the paper. It is just so convenient. (And I live in a very rural area.)

i loved this app as well. it offered many great options and always served me with correct and updated information.

I'm sorta with the others... I used to love this app but i can find things quicker on my 9900 by using gas buddy, google, or google local search. I find it's just a whole lot easier just to type what I'm looking for on my home screen than messing with that app. I live in the midwest and it's not like i use this outside of a metro area but performance always seemed lacking for me. But then that's just my two cents.

I agree RandomSVX. I got burned too many times with Poynt's gas price searcher - it is never right. Never. GasBuddy is always correct and has far better search features.

Bankruptcy filing does not necessarily mean liquidation. It will allow Poynt to restructure its debt with creditors. It's a great app and hopefully some buyer will purchase the organization.

OMG, I can't believe this. Besides BBM, Poynt is the second most used app on my BB. I hope someone buys them out and continue the great work that they have in the past.

I love this app too. So sorry to hear this. I have been using this for years on my BlackBerrys and also now on my PlayBook.
Love the movie previews and being able to get the tickets right from the app. Use the reverse look up a lot also.

Damn.. This sucks... I use Poynt all the time and also show it off to people. We also deploy it to all the BBs in our company. I hope they can keep it together!

I use Poynt all the time as well...I rely on it to find closest businesses around my location...very handy that way plus I like the reverse look-up function that it provides for numbers....Maybe RIM can buy it and integrate this with the maps app to make it function like this app (poynt)...the way Magellan has done with yelp on Playbook :)

Bummed to hear about Poynt's troubles. I used the app yesterday to look for a business. It's my go to app whenever I need to search for something. I hope they can work things out and keep the app going.

Poynt has always been one of my top favorite apps, it has always, always functioned superbly for me. I hope the app remains viable as Poynt sorts out their business, I would hate to lose this app.

Can someone explain how they make money? I think the app is great and I use it frequently but who pays for their servers?

I've had Poynt on every BB I've owned since 2007. It's been useful while in NY, at home in Toronto and on business trips. I agree about RIM trying to bail them out or something - maybe they can work together to innovate some amazing features for BB10 :)

Damn this sucks! I LOVE Poynt. Its probably the the single most used app on my BB after browser and bbm. Poynt was my answer to everyhting whenever i was in a new area.....whether i wanted to go see a movie and didn't know the cinema location or timing, or if i wanted to go eat a specific type of food (like when im craving KFC or a shawerma!) i could always find a close by location no matter where i was.

RIM should really consider buying these guys out right now for cheap (assuming that's a possibility, im not sure how bankruptcy filings work). Make this an exclusinve BB10 app, or license it out for use on other platforms, or hell, even just make it free and use it to advertise BB10 on other platforms!

I really hope it doesn't disappear all together, cuz its a damn useful app.

Damn this sucks! I LOVE Poynt. Its probably the the single most used app on my BB after browser and bbm. Poynt was my answer to everyhting whenever i was in a new area.....whether i wanted to go see a movie and didn't know the cinema location or timing, or if i wanted to go eat a specific type of food (like when im craving KFC or a shawerma!) i could always find a close by location no matter where i was.

RIM should really consider buying these guys out right now for cheap (assuming that's a possibility, im not sure how bankruptcy filings work). Make this an exclusinve BB10 app, or license it out for use on other platforms, or hell, even just make it free and use it to advertise BB10 on other platforms!

I really hope it doesn't disappear all together, cuz its a damn useful app.

Poynt is one of my most used apps on my BB. Another blow for BB users! This app is so easy to use and works great whether I travel or am at home. I would miss this app immensely. BooHOO!

WTH?! It was one of the most useful apps out there and yet its going up in smoke. I travel, and yet it was always reliable in getting me a lay of the land as soon as I got to the hotel. It saved me from driving all over town looking for a great gas price. It kept a yellow pages in my pocket at all times.
I will be sorry to see it go.

That's reAlly sad, cause I many times said wish my blackberry OS looked that easy, was a nice and easy app to use

I really would like to see this thing still up and running.. I like using this app, mostly on a daily basis.