VANCOUVER, BC, Dec. 13,
2024 /CNW/ - Felix Payment Systems Ltd. (the
"Company" or "Felix"), a leading provider of cloud-based payment
solutions, announced that it sought and obtained an order (the
"Initial Order") from the Supreme Court of British Columbia Justice (the "Court") under
the Companies' Creditors Arrangement Act (the "CCAA"), to
restructure its financial affairs. The Initial Order provides for,
among other things: (i) a stay of proceedings in favor of the
Company; and (ii) the appointment of Alvarez & Marsal Canada
Inc. as monitor of the Company (in such capacity, the
"Monitor").
After careful consideration in consultation with legal and
financial advisors, the board of directors determined seeking
creditor protection under the CCAA is in the best interests of the
Company and its stakeholders in light of recent financial pressure
from some creditor groups.
The Company is expected to continue to operate in the ordinary
course under the protection of the Initial Order. There are no
disruptions anticipated to the products and services
that Felix provides to its customers. The board of
directors of the Company will remain in place, and management
retains responsibility for the day-to-day operations of the
Company.
The Company also received Court approval of a sale and
investment solicitation process (the "SISP") to be conducted by the
Monitor in accordance with the terms therein. The SISP is intended
to solicit interest in, and opportunities for, a sale of, or
investment in, all or part of the assets and business segments of
the Company, with the goal of maximizing value for the Company and
its stakeholders. The deadline for submitting bids is January 31, 2025.
A copy of the Initial Order and other information regarding the
CCAA proceedings, including details of the SISP, the relevant
timelines, and how to make a bid are available on the Monitor's
website. Information regarding the CCAA proceedings can also be
obtained by emailing the Monitor at
felixpayment@alvarezandmarsal.com or visiting the Monitor's website
at https://www.alvarezandmarsal.com/felixpayment.
About Felix Payment Systems Ltd.
Felix provides innovative payment technologies and is leading a
relatively new division of the payment industry often referred to
as SoftPOS or Software Point of Sale solutions. As a derivative of
SoftPOS, Felix specializes in cloud-based payment acceptance
infrastructure and associated software systems.
Felix's cloud-based payment infrastructure enables users to
leverage Commercial ff-the-shelf ("COTS") devices with a standard
near field communication technology to accept contactless payments,
without the need for any additional bolt-on hardware (ie. dongles
and/or cases). Felix allows its end users to access the software
directly via its Android application or integrate the solution
directly into their own software product with its Software
Development Kit (the "SDK"). Felix is responsible for the
maintenance of the cloud environment and all necessary
certifications to operate a financial services technology product.
Felix has or is in the process of completing a number of these
certifications.
For more information regarding the CCAA proceedings – including
all of the Court materials filed in the CCAA proceedings – may be
found at the Monitor's website:
https://www.alvarezandmarsal.com/felixpayment.
SOURCE Felix Payment Systems