OTTAWA, Nov. 30, 2016 /CNW/ - Magor Corporation (TSX
VENTURE:MCC) ("the Company" or "Magor") announces that on November
30, 2016 it has proactively filed a Notice of Intention to
Make a Proposal ("Notice of Intention") pursuant to the provisions
of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice, Ernst & Young Inc. has been
appointed as the trustee in the Company's proposal proceedings and
will assist the Company in its restructuring efforts. As a result,
the Company will be transferred to NEX.
This filing follows the Company's strategic review of its
options as previously announced on October
26, 2016 and the subsequent halt of trading in the Company's
shares on the TSX Venture Exchange on November 21, 2016.
The filing of the Notice 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 pursues its
restructuring efforts. This 30-day period may be extended with the
authorization of the Ontario Superior Court.
The Company and management team continues to work closely with
Sampford Advisors Inc. to successfully conclude the strategic
review process. The Company is actively seeking further
sources of funding although there can be no guarantee that the
Company will be successful in securing further financing or
achieving its restructuring objectives. In addition to the Notice
of Intention filing the company has also initiated the delisting
process.
The Company currently has four directors on the board which
include Sir Terry Matthews,
John MacDonald, Dan Rusheleau and Jerry
Edgerton. Michael
Mueller, Scott Marshall,
John Watts and Dr. Calvin Stiller have resigned.
The Company will provide further updates as to the next steps of
the process when these have been determined.
About Magor Corporation:
Magor develops and markets visual collaboration software
addressing the needs of meeting rooms, desktops and mobility
devices, as part of a cloud service offering called Aerus. Magor's
Aerus service delivery platform removes the limitations of
traditional video conferencing and collaboration tools to provide
entirely new ways of interacting with video with the goal of
creating new ways to be productive. To find out more about Magor
Corporation (TSX-V: MCC), visit our website at
http://www.magorcorp.com.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities
legislation. Statements made in this news release, other than
those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
uncertainties. The words "may", "will", "could", "should",
"would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", "hope",
and "continue" (or the negative thereof), and words and expressions
of similar import are intended to identify forward-looking
statements. Certain material factors or assumptions are
implied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Factors that could cause results to vary include
those identified in the Corporation's filings with Canadian
securities regulatory authorities, as well as the applicability of
patents and proprietary technology; the outcome of pending
corporate transactions; possible patent ligation; regulatory
approval of products in development; changes in government
regulation or regulatory approval processes; government and third
party reimbursement; dependence on strategic partnerships;
intensifying competition; rapid technological change in the
industry; anticipated future losses; the ability to access capital;
and the ability to attract and retain key personnel. All
forward-looking information presented herein should be considered
in conjunction with such filings. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made.
Neither 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 Magor Corporation
