Yet another RR P&D gone to 0 to add to the long list of BS scams like PAW,MBC,etc...
Magor files restructuring notice under Bankruptcy Act
Magor Corp (C:MCC)
Shares Issued 51,725,489
Last Close 11/17/2016 $0.025
Wednesday November 30 2016 - News Release
Mr. Brian Baker reports
MAGOR CORPORATION FILES A NOTICE OF INTENTION TO MAKE A PROPOSAL UNDER THE BANKRUPTCY AND INSOLVENCY ACT (CANADA)
On Nov. 30, 2016, Magor Corp. pro-actively filed a notice of intention to make a proposal pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (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 Oct. 26, 2016, and the subsequent halt of trading in the company's shares on the TSX Venture Exchange on Nov. 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 continue to work closely with Sampford Advisors Inc. to successfully conclude the strategic review process. The company is actively seeking further sources of financing 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
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.
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