Poynt Corporation, the Canadian company behind the GPS-enabled mobile local search platform of the same name, filed for bankruptcy yesterday.
As a consequence of such filing, any and all recourses of the Company’s creditors are stayed for an initial period of thirty (30) days, which may be extended by the Court of Queen’s Bench of Alberta. The Company is not currently in a position to meet the obligations owing to its secured and unsecured creditors and as such, has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations.
The company will continue to operate for now and continue to loo for opportunities for growth and monetization. According to Andrew Osis, President and CEO, Poynt Corp,
“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 has almost 17 million users globally and is adding between 20,000 to 25,000 new users daily.