Superior Court of Quebec Approves Proposal Submitted by XL-ID Solutions Inc.
14 2월 2014 - 6:24AM
Marketwired
Superior Court of Quebec Approves Proposal Submitted by XL-ID
Solutions Inc.
MONCTON, NEW BRUNSWICK--(Marketwired - Feb 13, 2014) - XL-ID
Solutions Inc. (formerly known as Excellium Inc.) (TSX-VENTURE:XLM)
(the "Corporation" or "XL-ID"), a Tier II issuer listed on the TSX
Venture Exchange (the "Exchange"), announces that it has received a
final order from the Superior Court of Quebec (the "Court")
approving the proposal approved at the meeting of its creditors
which took place on January 24, 2014.
Under the terms of
the proposal, an amount of $275,000 will be made available to
Raymond Chabot Inc., as Trustee, for distribution to creditors in
the manner set forth in the proposal, less an amount not to exceed
$75,000 to cover fees and expenses of the proposal. The Court order
authorizes XL-ID to proceed with the reorganization of XL-ID's
share capital under section 191 of the Canada Business Corporations
Act, pursuant to which its outstanding common shares will
effectively be cancelled for no consideration and XL- ID's majority
shareholder and only secured creditor, General Financial
Corporation, will be the sole shareholder. Trading in XL-ID shares
has been halted, and XL-ID will be delisted from the Exchange and
will apply to cease to be a reporting issuer shortly.
XL-ID is a security
company specialized in biometrics identity systems, proactive
security management and in the integration of security products for
the institutional and industrial markets. XL-ID is active in
electronic identification, comprising background checks, biometric
identification and management of large events and summits. For
further information about XL-ID, please visit its website at
www.XL-ID.ca.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
matters set forth in this press release remain subject to review of
the applicable regulatory authorities.
XL-ID Solutions Inc.Claude RoussinVice President, Administration
and Acting CFO(514) 360-4550
XL ID Solutions (TSXV:XLM)
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