MONTREAL, Feb. 10, 2017 /CNW Telbec/ - EXO U Inc. ("EXO U"
or the "Corporation")") (TSX Venture EXO), announced today that it
has filed a Notice of intention to Make a Proposal pursuant to the
Bankruptcy and Insolvency Act (NOI), seeking protection from
its creditors. As a consequence of such filing, any and all
recourses of EXO U's creditors are stayed for an initial period of
thirty (30) days.
Considering its current situation, the Corporation had no choice
but to considerably scale down its operations and lay off certain
employees until a final solution is identified. In this
regard, the Chief Executive Officer (Mr. Jim Kirchner), President (Mr. Shan Ahdoot) and Chief Financial Officer (Mr.
Doug McCollam) have handed in their
immediate resignations, but Mr. Kirchner and Mr. Ahdoot will
continue their duties as directors with the Board of Directors.
EXO U has retained the services of Richter Advisory Group Inc.
(represented by Gilles Robillard,
CPA, CA, CIRP, LIT) to act as its trustee in connection with the
NOI.
The Corporation will provide further updates as the process
evolves.
While under the protection of its creditors, EXO U's Board of
Directors will maintain its usual role.
Cautionary Note Regarding Forward-Looking
Information
Certain statements included herein, including
those that express management's expectations or estimates of EXO
U's future performance or future events, constitute
"forward-looking information" within the meaning of applicable
securities laws. Such forward-looking information and statements
are often, but not always, identified by the use of words such as
"plans", "expects", "estimates", "intends", "anticipates", or
"believes", or variations of such words and phrases (or the
negative form thereof) or statements that certain actions, events
or results "may", "could", "would", "might", or "will" be taken,
occur or be achieved. Forward-looking information is necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management at this time, are inherently
subject to significant business, economic, regulator and
competitive risks, uncertainties and contingencies that could cause
actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information, including, but not limited to risks related to
EXO U's incapacity to execute on its business plan. For
additional information with respect to certain of these and other
assumptions and risk factors, please refer to EXO U's management's
discussion and analysis for the year ended March 31, 2016,
available under EXO U's profile on SEDAR at www.sedar.com.
Forward-looking information contained herein is presented as of the
date of this news release and the Corporation disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results, except as may
be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE EXO U Inc