blutip Power Technologies Ltd. (TSXV: BPR)
MISSISSAUGA, ON, Feb. 29, 2012 /CNW/ - Pursuant to an order of the
Ontario Superior Court of Justice (Commercial List) dated February 28,
2012, Duff & Phelps Canada Restructuring Inc. was appointed as Receiver
of the property, assets and undertaking of blutip Power Technologies
Ltd. ("blutip Power" or the "Company").
The stability and certainty of a Court-supervised receivership is
expected to be beneficial as it is intended to provide a mechanism to
address the Company's short term liquidity requirements and ensure
fair and equitable treatment of the Company's stakeholders.
Subject to Court approval, the Receiver expects to initiate a sale
process in the near term to market and sell the Company's business and
assets on a going-concern basis.
A copy of the Court Order and information related to blutip Power's
receivership proceedings can be accessed at: http://www.duffandphelps.com/services/investment_banking/Pages/RestructuringCases.aspx
About blutip Power
blutip Power is a technology company headquartered in Mississauga,
Ontario, Canada. The Company has invested in the research and
development of hydrogen and control technology resulting in a
proprietary, patented and patent-pending hydrogen generating system
("HGS®") and advancement in multi-fuel universal combustion controls.
blutip Power's Hy-Drive HGS enriches the fuel-air charge of an internal
combustion engine with hydrogen produced through electrolysis and uses
its proprietary software controls to improve combustion of the fuel-air
mixture. The result is improved fuel economy and reduced opacity
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(as that term is defined in the policies of the TSX Venture Exchange
Inc.) accepts responsibility for the adequacy or accuracy of this
SOURCE blutip Power Technologies Ltd.
For further information:
Duff & Phelps