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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