Excellium Inc. Announces Filing of a Notice of Intention to Submit a Proposal pursuant to the Bankruptcy and Insolvency Act; ...
04 Dezembro 2013 - 7:14PM
Marketwired
Excellium Inc. Announces Filing of a Notice of Intention to Submit
a Proposal pursuant to the Bankruptcy and Insolvency Act; ...
... Excellium to Seek Court Approval to Sell Substantially All
of its Assets
MONCTON, NEW BRUNSWICK--(Marketwired - Dec 4, 2013) - Excellium
Inc. (TSX-VENTURE:XLM) (the "Corporation" or "Excellium"), a Tier
II issuer listed on the TSX Venture Exchange (the "Exchange"),
announces that it has filed today with the Office of the
Superintendent of Bankruptcy a notice of intention to submit a
proposal to its creditors pursuant to the Bankruptcy and
Insolvency Act (Canada), appointing Raymond Chabot Inc. as
trustee pursuant thereto.
Excellium also
announces that it will be filing a motion in the coming days with
the Commercial Chamber of the Superior Court of Quebec seeking
authorization to sell certain assets relating to its electronic
security division (the "Security Division"), which constitute
substantially all of Excellium's assets, to Site Integration Plus
Inc. ("SIP"), and for a vesting order. The proceeds of the sale
will be distributed to the Corporation's secured creditors in
accordance with their rank. The motion is expected to be heard by
the Superior Court shortly after it is filed.
The foregoing steps
are taken as a result of the continuing deterioration of
Excellium's precarious liquidity and financial position. Excellium
has continued to experience negative operating cash flows, ongoing
working capital deficits and cash shortfalls. The sale of the
Corporation's Security Division to SIP is further to and consistent
with the strategic review process announced by Excellium on August
29, 2013, which was undertaken to maximize value for shareholders
and other stakeholders of Excellium, and has resulted from a
competitive bid solicitation process overseen by the Corporation's
board of directors with the assistance of Raymond Chabot Grant
Thornton.
The terms of the
sale to SIP, including the consideration payable and other key
terms of the transaction, will be disclosed once Court approval for
the transaction has been obtained. The terms of the transaction
will remain confidential pending Court approval as the disclosure
of such information prior to securing such approval would be
prejudicial to Excellium and its ability to negotiate an
alternative transaction in the event the Court refuses to grant
Excellium's motion.
If approved by the
Court, closing of the sale of the Security Division to SIP will
occur shortly thereafter. Excellium will continue to own and
operate its remaining business unit, the Electronic Identification
division, and will continue to explore strategic alternatives in
that regard. There can be no assurance that such exploration of
strategic alternatives will result in a transaction being pursued,
entered into or consummated. Excellium does not intend to discuss
or disclose developments with respect to this process until its
board of directors has approved a definitive course of action.
Excellium will
submit a proposal to its creditors in due course and will make
further announcements in that regard at the appropriate time.
Excellium is a
security company specialized in biometrics identity systems and
proactive security management and in the integration of security
products for the institutional and industrial markets. Excellium is
active in two distinct but complementary lines of business:
electronic security, which includes security management, access
control and video surveillance, and electronic identification,
comprising background checks and biometric identification.
Excellium'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
Excellium, please visit its website at www.excellium.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.
Excellium Inc.Claude RoussinVice President, Administration and
Acting CFO(514) 798-8899
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