Receiver of blutip Power Technologies Ltd. completes going concern sale of assets

MISSISSAUGA, ON, May 3, 2012 /CNW/ - As previously announced, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) ("Court") 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").

On March 15, 2012, the Receiver was authorized by the Court to commence a sale process to market and sell the Company's business and assets.  The sale process included the Receiver entering into a stalking horse purchase agreement ("Purchase Agreement") with the secured creditor of the Company, so as to set a minimum floor price for the Company's business and assets.  On April 16, 2012, the stalking horse offer was declared the successful bid, subject to Court approval.

On April 26, 2012, Court approval was obtained to complete the transaction contemplated by the Purchase Agreement.  The transaction was completed on May 3, 2012 and the Company's business and substantially all of its assets were sold by the Receiver to 663447 N.B. Inc., an affiliate of the secured creditor, on a going concern basis.

The Receiver expects to be discharged shortly at which time the receivership proceedings will end.

On May 3, 2012, the Ontario Securities Commission issued a cease trade order against the Company for a period of 15 days for failure to file certain continuous disclosure materials.

A copy of the cease trade order, and other documentation 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

Prior to the transaction, blutip Power was a technology company headquartered in Mississauga, Ontario, Canada. The Company 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.

David Sieradzki
Managing Director, Restructuring
T [phone]