SENSIO not to seek further extension of stay
Canada NewsWire
MONTREAL, April 18, 2016
MONTREAL, April 18, 2016 /CNW Telbec/ - SENSIO Technologies Inc. ("SENSIO" or "the Company") (TSXV: SIO) announced today that, as a result of the inconclusive sale process of its main asset, its video-on-demand service 3DGO! TM, its board of directors decided to not request any further extension of the stay of proceedings in favour of the Company. Following such decision, all independent directors have resigned effective immediately. The non-renewal of the stay will result in Sensio's deemed assignment in bankruptcy on April 21, 2016 pursuant the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Sensio has been operating under the protection of the BIA since December 23, 2015 while pursuing the sale of its remaining assets with the assistance of Deloitte Restructuring Inc. Any net proceeds of the sale will be distributed to the Company's creditors.
About SENSIO
Founded in 1999, SENSIO Technologies Inc. is a pioneer in the field of stereoscopic 3D imaging and of 3D content distribution at home.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SENSIO Technologies Inc.
SENSIO Technologies Inc., ric Choquette, Chief Financial Officer, Tl.: +1 514 846-2022 x17, Courriel: eric.choquette@sensio.tvCopyright CNW Group 2016