Poynt Files for Bankruptcy

Poynt, with 14.5 million users and the hopes of reaching 40 million users is now filing for bankruptcy. I have always had Poynt on my BlackBerry and know others who use the application on other platforms as well. We will have to wait and see what happens to Poynt from here. Below is the press release.

Press Release

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.

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