This is some sad news I really did not see coming. The hugely popular cross platform local search company Poynt has filed for bankruptcy in Calgary, Canada. According to the press release put out by Poynt they have filed a Notice of Intention under the Bankruptcy and Insolvency act which lets they stay creditors for 30 days as a judge decides if it should be extended. Poynt said that:
The Company (Poynt) is not currently in a position to meet the obligations owing to its secured and unsecured creditors and as such, has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations.
Poynt Corp. expects to file a formal proposal under the BIA, setting forth a comprehensive plan for payment to Poynt Corp.’s creditors in due course. The trustee named in the notice of intention is Hardie & Kelly Inc., of Calgary, Alberta.
I really hope they find a way to carry on operations or at the very least sell to another company to carry the torch. I with them the best of luck and hope they pull through. via Marketwire via MobileSyrup