Coventree Announces Commencement of Court Supervision of Winding Up

TORONTO, Feb. 16, 2012 /CNW/ - Coventree Inc. ("Coventree" or the "Company") announced that, on February 15, 2012 (the "Effective Date"), the winding up of the Company formally commenced and was brought under the supervision of the Ontario Superior Court of Justice - Commercial List (the "Court").

As of the Effective Date, the Board of Directors of the Company was deemed to have resigned, and Duff & Phelps Canada Restructuring Inc. was appointed the liquidator of the Company (the "Liquidator") for the purpose of winding up its affairs.  In addition, Coventree's common shares were delisted from NEX. On and after the Effective Date, all transfers in Coventree's common shares are void unless made with the explicit prior sanction of the Liquidator.

In addition, on the Effective Date the Court issued two orders on the application of the Liquidator.  Pursuant to the Winding Up Order, the Court approved a Liquidation Plan substantially in the form previously approved by Coventree's shareholders at the annual and special meeting of shareholders held on June 30, 2010.  The Winding Up Order establishes that Coventree's winding up will be supervised by the Court and provides for, among other things, a stay of proceedings against Coventree except with the written consent of the Liquidator or leave of the Court.  Under the Claims Procedure Order, the Court approved a process for the identification, resolution and barring of claims against the Company and its directors and officers, both past and present.  The Claims Procedure Order provides that the date by which all claims must be filed is April 13, 2012.  Formal notices in respect of the claims process will be provided in accordance with the Claims Procedure Order.  Copies of both the Winding Up Order and the Claims Procedure Order will be available on the Liquidator's website at  The Liquidator plans to post materials relevant to Coventree's winding up on the Liquidator's website from time to time, and shareholders and other interested parties are advised to check the website for updates. 

This press release is intended for distribution in Canada only.

SOURCE Coventree Inc.

For further information:

Craig Armitage, The Equicom Group Inc.
Tel: (416) 815-0700 x278

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