News Articles

Monday, July 9, 2012

Location-based search and advertising platform Poynt intends to file for bankruptcy

Poynt Corporation says it’s filed a Notice of Intention to File a Proposal under the Bankruptcy and Insolvency Act (Canada). As a result, the company says it is now in a position to address its obligations to creditors in an orderly and efficient manner.

Calgary-based Poynt, which operates a location-based search and advertising platform, will now send a proposal to its creditors during the next 30 days. Its business will continue as usual during this process.

Andrew Osis, President and CEO of Poynt Corp., said “Under the Proposal process, the Company will continue to operate, expand its business and execute on opportunities for growth and monetization. With almost 17 million users globally and a user growth rate of 20,000 to 25,000 new users daily, the Company is in a strong position moving forward to consider a number of strategic investment and combination opportunities that have been presented. These opportunities will allow the Company to maximize our market position and provide increased value for shareholders while dealing with our creditors in an orderly manner.”

Poynt describes its mobile app as a “free personal concierge that turns you into a local expert, wherever you are”.

Print
Author: The Fonecast
0 Comments
Rate this article:
No rating

Categories: Applications, NewsNumber of views: 1094

Tags: canadalocationapplicationspoynt

Please login or register to post comments.

Name:
Email:
Subject:
Message:
x

Follow thefonecast.com

Twitter @TheFonecast RSS podcast feed
Find us on Facebook Subscribe free via iTunes

Archive Calendar

«September 2016»
MonTueWedThuFriSatSun
2930311234
567891011
12131415161718
19202122232425
262728293012
3456789

Archive

Terms Of Use | Privacy Statement