HealthChain, a Toronto, Ontario-based company that provides software solutions that integrate with existing healthcare management systems and workflows to make outdated technologies and paper-based processes more efficient, filed an NOI on February 28, listing $1.5 million in liabilities. Dodick & Associates is the proposal trustee. Brauti Thorning is counsel to the company.
Star Navigation Systems Group (CSE: SNA), a Brampton, Ontario-based company that develops products and technologies for the aviation industry, filed an NOI on December 11, listing $3.5 million in liabilities. Since earlier this year, a group of dissident shareholders have been attempting to requisition a meeting of shareholders to replace the current board. In each instance, the requisition has been invalid. On December 11, the company's CEO and chairman of the board, Viraf Kapadia, attempted to access the company premises but his key card no longer worked. His access was then physically barred by one of the dissident shareholders. It appears as though the dissident shareholders seized the company in reliance of a meeting of shareholders held at 8 am in which the board was purportedly replaced. In addition to filing the NOI, Kapadia sought an injunction restoring the status quo for the company until the court has had a chance to assess the validity of the latest purported shareholder meeting. Farber is the proposal trustee. Norton Rose Fulbright is counsel for Kapadia.
Viafoura, a Toronto, Ontario-based technology company that provides an audience engagement platform for media, broadcast, and entertainment brands, filed an NOI on December 1. Founded in 2012, the company has not yet achieved profitability and is averaging a cash burn of approximately $325.0 thousand per month. On November 29, the company was unable to fund its payroll, and secured lenders National Bank and Espresso Capital advised that they were not prepared to advance additional funding to the business. Requiring an immediate injection of capital to restore employee confidence and maintain the value of the business, the company filed an NOI and negotiated a DIP loan from one of its preferred shareholders, Intercap. KSV is the proposal trustee. Counsel is DLA Piper for the company and Intercap, Chaitons for the proposal trustee and BLG for National Bank.
Trakopolis IoT (TSX-V: TRAK), a Calgary, Alberta-based technology company, filed an NOI on November 7. Founded in 2006, the company delivers business intelligence to organizations that require the location, status and data on corporate assets such as equipment, devices, vehicles and people through a proprietary online platform. The NOI filing followed the company's receipt of a demand letter and notice of intention to enforce security from its secured lender, ESW Holdings, owed approximately US $3.4 million. Alvarez & Marsal is the proposal trustee. Counsel is Osler for the company, Torys for the proposal trustee and MLT Aikins for ESW Holdings.
CO2 Solutions (TSX-V: CST), a Quebec City, Quebec-based technology company, filed an NOI on September 16, listing approximately $12.2 million in liabilities. The company was developing the technology to capture and purify carbon dioxide emitted from fossil fuel power plants, pulp and paper mills and other large emitters of carbon dioxide. The company commissioned its first commercial project at a pulp mill of Resolute Forest Products in Saint-Félicien, Québec in March 2019. The project experienced significant cost overruns though, and in April 2019 the company's board announced that it was creating a special committee to review its strategic options. The strategic review will continue while the company is under creditor protection. EY is the proposal trustee.
FCV Technologies, a Vancouver, British Columbia-based information and technology company, filed for bankruptcy on September 4, listing approximately $8.9 million in liabilities. Founded in 2005 the company focused on developing smart digital products and information management tools to enable organizations to solve complex business problems and digitally transform their businesses. BDO was appointed bankruptcy trustee.
Gedex Systems, a Mississauga, Ontario-based developer of airborne geological imaging technology, obtained protection under the CCAA on August 12, on application by FCMI, a secured creditor owed approximately US $10.3 million. Gedex was in the process of developing a proprietary system to discover and develop underground mineral and oil and gas resources but had not yet reached the stage of commercial profitability. Facing a working capital deficiency of over US $9.5 million and an operating deficit in excess of US $91.8 million, the company recently laid off all of its remaining employees and was canvassing the market for a potential purchaser or investor. The CCAA filing is intended to preserve the going concern value of the company while a court-supervised SISP is conducted. Zeifmans is the monitor. Counsel is Dentons for the applicant, DLA Piper for the company and Miller Thomson for the monitor.
ePRINTit.com, a Toronto, Ontario-based technology company, filed for bankruptcy on July 18, listing $3.3 million in liabilities. The company operated a cloud-based print platform that allowed users to print or scan documents at nearby printers using any web-enabled device. Despite widespread use at schools, libraries and other public places, the company was not profitable and its stakeholders were unwilling to backstop additional losses. msi Spergel (GRIP) was appointed bankruptcy trustee
Carrot Insights, a Toronto, Ontario-based technology company that has developed the popular Carrot Rewards app, filed an NOI on July 11, listing $11.4MM in liabilities. Launched in 2015, the company grew to over one million registered users and won numerous awards and recognition, including the 2017 Canadian App of the Year by MobileSyrup. Users earned points from loyalty reward programs such as Aeroplan and Scene Points for attaining walking goals and completing surveys. Despite growing revenues to approximately $6.7MM in 2018, the company was not yet profitable and began to face funding challenges in the late summer/early fall of 2018. Attempts to raise capital were unsuccessful, and in March 2019, the company engaged EY Orenda to attempt to market its business for sale. In June 2019, to conserve cash, the company ceased operating the app and laid off all of its employees. While under creditor protection, the company will continue with the sale process, albeit in a more stabilized environment. EY is the proposal trustee. Counsel is Loopstra Nixon for the company and DLA Piper for the proposal trustee.
Argex Titanium (TSX:RSX), a Laval, Quebec-based company that is developing an innovative and environmentally sustainable technology for producing high-grade titanium dioxide pigment, filed an NOI on June 18, listing approximately $4.7MM in liabilities. Still in the research and development stage, the company has been unable to raise the capital necessary to complete construction of a production plant. PwC was appointed proposal trustee and will be conducting a stalking horse sales process for the company's assets. Stikeman Elliott is counsel for the company.