Mr. Brent Moore reports
TRAKOPOLIS FILES A NOTICE OF INTENTION TO MAKE A PROPOSAL UNDER THE BANKRUPTCY AND INSOLVENCY ACT (CANADA)
On Nov. 7, 2019, Trakopolis IoT Corp. has pro-actively filed a notice of intention to make a proposal pursuant to the provisions of part III of the Bankruptcy and Insolvency Act (Canada).
Pursuant to the notice of intention, Alvarez & Marsal Canada has been appointed as the proposal trustee in the company's proposal proceedings and will assist the company in its restructuring efforts.
This filing follows the company's receipt of a demand letter and notice of intention to enforce security under the BIA from its secured lender and the subsequent halt of trading in the company's shares on the TSX Venture Exchange on Nov. 4, 2019.
The filing of the notice of intention has the effect of imposing an automatic 30-day stay of proceedings that will protect the company and its assets from the claims of creditors while the company continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the Alberta Court of Queen's Bench.
The company and management team continues to work closely with its financial and other advisers to successfully conclude the strategic review process.
The company will provide further updates as to the next steps of the process when these have been determined.
About Trakopolis IoT Corp.
Trakopolis is a software-as-a-service company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers.
We seek Safe Harbor.
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