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 (particulates).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Sieradzki
Managing Director,Restructuring
Duff & Phelps
Tel: (416)932-6030
Email: [email protected]
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