Had to read it twice.... looks like InteliSys Aviation Systems of America (AMY) is doing some house cleaning!
Item 1.03 Bankruptcy or Receivership
On June 29, 2006, certain subsidiaries of InteliSys Aviation Systems of America (the "Registrant") which were incorporated in Canada filed with the Queens Bench of the Province of New Brunswick, Canada, a Notice of Intention to make a Proposal under the Canadian Bankruptcy and Insolvency Act (the "Notice of Intention").
Such subsidiaries were the following (the "Canadian Subsidiaries"):
Convergix Inc.;
Cynaptec Information Systems Inc.;
InteliSys Aviation Systems Inc.;
InteliSys Acquisition Inc.;
InteliSys (NS) Co.
Pursuant to the above filings, each Canadian Subsidiary has thirty days from June 29, 2006 to make a proposal to its creditors. The Registrant's management believes that the aggregate value of the assets of the Canadian Subsidiaries is substantially less than that of their liabilities to their creditors. The Registrant intends to disclose further financial information as to the assets and liabilities of the Canadian Subsidiaries on a Current Report on Form 8-K to be filed after the date hereof.
The Registrant is not included in such proceedings and is not otherwise involved in any bankruptcy proceedings.
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