Creditors of XL-ID Solutions Inc. Approve Proposal
27 Enero 2014 - 10:48AM
Marketwired
Creditors of XL-ID Solutions Inc. Approve Proposal
MONCTON, NEW BRUNSWICK--(Marketwired - Jan 27, 2014) - XL-ID
Solutions Inc. (formerly known as Excellium Inc.) (TSX-VENTURE:XLM)
(the "Corporation" or "XL-ID"), a Tier II issuer listed on the TSX
Venture Exchange (the "Exchange"), announces that at the meeting of
its creditors which took place on January 24, 2014, the statutory
majority of creditors approved the proposal submitted by the
Corporation pursuant to the Bankruptcy and Insolvency Act
(Canada) ("BIA"), in a proportion of 93,6% in number and 89,5% in
value of the creditors who filed a proof of claim and voted on the
proposal.
XL-ID had submitted
a proposal to its creditors on January 3, 2014 under BIA. Under the
terms of the proposal, an amount of $275,000 will be made available
to Raymond Chabot Inc., as Trustee, for distribution to creditors
in the manner set forth in the proposal, less an amount not to
exceed $75,000 to cover fees and expenses of the proposal. The
proposal also provides for the reorganization of XL-ID's share
capital pursuant to which its outstanding common shares will be
cancelled for no consideration and XL-ID's majority shareholder and
only secured creditor, General Financial Corporation, will remain
as the sole shareholder.
Following the
approval of the proposal by its creditors, XL-ID will now seek a
final order from the Superior Court of Quebec approving the
proposal in the coming days. Following these steps, XL-ID will be
delisted from the Exchange and will apply to cease to be a
reporting issuer.
XL-ID is a security
company specialized in biometrics identity systems, proactive
security management and in the integration of security products for
the institutional and industrial markets. XL-ID is active in
electronic identification, comprising background checks, biometric
identification and management of large events and summits. XL-ID's
common shares are listed on the Exchange under the trading symbol
"XLM" and its continuous disclosure filings are available on SEDAR
at www.sedar.com. For further information about XL- ID, please
visit its website at www.XL-ID.ca.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
matters set forth in this press release remain subject to review of
the applicable regulatory authorities.
XL-ID Solutions Inc.Claude RoussinVice President,
Administrationand Acting CFO(514) 798-8899
XL ID Solutions (TSXV:XLM)
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