icefloe Technologies Inc. Files an Assignment in Bankruptcy Under the Bankruptcy and Insolvency Act
01 2월 2008 - 6:20AM
Marketwired
MISSISSAUGA, ONTARIO (TSX VENTURE: ICY) today announced that it
has filed an assignment in bankruptcy under the Bankruptcy and
Insolvency Act.
The company is unable to meet its ongoing obligations, and
specifically was unable to make a January 24, 2008 interest payment
due to its secured lenders. The secured lenders have exercised
their right to of enforcement and icefloe was today served with a
Notice of intention to enforce security pursuant to s.244 of the
Bankruptcy and Insolvency Act.
Icefloe, with the consent and agreement of the secured lenders,
has appointed BDO Dunwoody to act as Trustee in Bankruptcy.
J. Robert Furse, icefloe's Chairman of the Board, commented "The
company has been aggressively pursuing all recapitalization
options, including the sale of the company, as announced in April,
2007. Regrettably we have been unsuccessful in finding a solution
to the company's ongoing working capital requirements."
Wayne Newson icefloe's President and CEO added "Our Company's
success is dependent on our ability to develop and commercialize
proprietary heat exchange technologies for beverages. Over the last
7 years the company has acquired or developed a number of new
processes and technologies, and has invested substantially in
Research and Development and patent filings. Our ability to
commercialize these new technologies has been below expectations
and, as a result, there are insufficient earnings to cover current
and long term obligations."
ABOUT ICEFLOE TECHNOLOGIES INC
Founded in March 2001, icefloe is a Canadian- based company
dedicated to the development and commercialization of its
proprietary chilling technology which brings flash chilling
capability in a portable form and enables the beverage industry to
serve ice cold draft beer without excessive foam loss, anytime and
anywhere. Since April 2001, icefloe has focused its efforts on
securing patents for its platform technologies, while developing,
field-testing, manufacturing and marketing commercial products
using its unique technologies. Its wholly owned subsidiary, Draught
Guys Inc., provides installation, sales and service for both
traditional draft systems and icefloe's proprietary products in the
Ontario market. icefloe commenced trading on Tier 2 of the TSX
Venture Exchange on April 14, 2004 under the symbol "ICY".
For more information about icefloe, please visit the company
website at www.icefloe.com.
Certain information included in this press release is
forward-looking and may involve risks and uncertainties. The
results or events predicted in these statements may differ
materially from actual results or events. Factors that might cause
a difference include, but are not limited to, competitive
developments, risks associated with icefloe 's growth, the
development of the beverage market, regulatory risks, intellectual
property infringement and other factors. Unless otherwise required
by applicable securities laws, icefloe disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
More detailed information about potential factors that could affect
icefloe's financial and business results is included in public
documents icefloe files from time to time with Canadian securities
regulatory authorities.
No Securities Commission or other regulatory authority having
jurisdiction over icefloe has approved or disapproved of the
information contained herein.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: icefloe Technologies Inc. Wayne Newson President and
Chief Executive Officer (905) 712-7777 Website: www.icefloe.com
Icefloe Technologies (Tier2) (TSXV:ICY)
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Icefloe Technologies (Tier2) (TSXV:ICY)
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