Calgary-based mobile app firm Poynt Corp. announced today it has filed for creditor protection under the bankruptcy and insolvency act.
The notice of intention filed freezes the company’s creditors from being able to collect for at least 30 days, the release says. The firm can’t meet its obligations owing to its creditors and is filing bankruptcy as the best attempt to meet creditors’ needs while continuing operations.
David Lucatch has also resigned from Poynt’s board of directors, the release says.
The publically traded company’s stock was halted on the TMX exchange at a most recently listed price of four cents per share, for a market capitalization value of $20 million. In the past year, the stock’s highest price has been 16 cents per share.
Poynt is a mobile app available on iOS, Android, Windows Phone, and BlackBerry. It helps users find local businesses, events and people by providing maps and directions. It also helps users organize their plans once they’ve decided where to go by facilitating the purchase of movie tickets, and restaurant reservations. For advertisers, it offered the ability to target local consumers actively searching for deals and the option to complete a sale through the app.
Poynt was featured prominently with the release of the BlackBerry Playbook tablet. It’s been recognized by the BlackBerry Partner Funds as a “Super App” and won a 2010 competition for the North American region that included a prize valued at more than $85,000. Poynt has also committed to develop for Research in Motion’s new BlackBerry 10 OS, slated for release in the first half of 2013.
The trustee named in the notice of intention is Hardie & Kelly Inc., of Calgary.