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.
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.
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