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”.