TORONTO, Dec. 19, 2012 /CNW/ - Arius3D Corp. ("Arius3D" or the
"Company") (TSXV: LZR) announces management and Board of Director
changes after the National Research Council of Canada ("NRC") sent
Arius3D Corp. (the "Company") a notice of termination regarding the
license of certain technology (the "Technology") for non-payment of
royalties owing pursuant to the license granted by the NRC to the
Company. Discussions with the NRC indicate that it is open to
negotiating a new license for the Technology with the Company and the
Company is entering into those negotiations.
Mr. Perry Monych has resigned as Chief Executive Officer and from the
Board of Directors of the Company and its affiliates. Mr. James
McGlone is no longer Chief Financial Officer of the Company or any of
its subsidiaries but has agreed to assist the Company on a limited
basis with respect to certain on-going issues on a consulting basis.
Payments in respect of agreements with A3DL Limited have not been
received on a timely basis and the Company has not been able to raise
new financing to allow it to meet its on-going financial commitments.
As a result, the Company is in discussions with secured debenture
holders whereby they and/or their representatives will assume control
of the Company; Mr. David Beutel, Mr. Valdis Martinsons, Mr. Joe
Waechter and Mr. David Campbell have submitted their resignations as
members of the Board of Directors effective immediately.
About Arius3D Corp.
Classified as an "Information Technology" company, Arius3D listed on the
TSX Venture Exchange and began trading under the symbol LZR in February
2010. However, due to financial circumstances precluding the Company
from completing its audit and financial disclosure requirements,
trading has been halted. Arius3D creates imaging solutions that allow
organizations to capture and share unique physical objects in digital
form. Arius3D has its head office located in Mississauga, Ontario.
Visit our website at http://www.arius3d.com to understand more about the Company.
SOURCE: Arius3D Corp.
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