MONTREAL, Feb. 10, 2017 /CNW Telbec/ - EXO U Inc. ("EXO U" or the "Corporation")") (TSX Venture EXO), announced today that it has filed a Notice of intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (NOI), seeking protection from its creditors. As a consequence of such filing, any and all recourses of EXO U's creditors are stayed for an initial period of thirty (30) days.
Considering its current situation, the Corporation had no choice but to considerably scale down its operations and lay off certain employees until a final solution is identified. In this regard, the Chief Executive Officer (Mr. Jim Kirchner), President (Mr. Shan Ahdoot) and Chief Financial Officer (Mr. Doug McCollam) have handed in their immediate resignations, but Mr. Kirchner and Mr. Ahdoot will continue their duties as directors with the Board of Directors.
EXO U has retained the services of Richter Advisory Group Inc. (represented by Gilles Robillard, CPA, CA, CIRP, LIT) to act as its trustee in connection with the NOI.
The Corporation will provide further updates as the process evolves.
While under the protection of its creditors, EXO U's Board of Directors will maintain its usual role.
Cautionary Note Regarding Forward-Looking Information
Certain statements included herein, including those that express management's expectations or estimates of EXO U's future performance or future events, constitute "forward-looking information" within the meaning of applicable securities laws. Such forward-looking information and statements are often, but not always, identified by the use of words such as "plans", "expects", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases (or the negative form thereof) or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic, regulator and competitive risks, uncertainties and contingencies that could cause actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to risks related to EXO U's incapacity to execute on its business plan. For additional information with respect to certain of these and other assumptions and risk factors, please refer to EXO U's management's discussion and analysis for the year ended March 31, 2016, available under EXO U's profile on SEDAR at www.sedar.com. Forward-looking information contained herein is presented as of the date of this news release and the Corporation disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE EXO U Inc
For further information: Pease contact the representative of the Trustee, namely Gilles Robillard, of Richter Advisory Group Inc. at 514-934-9484 or by email at [email protected]