NIAGARA FALLS, ON / ACCESSWIRE / February 24, 2022 / Net Zero Renewable Energy Inc. (www.nzre.ca) (TSXV:NZRE) (“NZRE” or the “Company”), the company after many days of negotiations with Horizon Re Limited could not come to a settlement and therefore at a hearing today before the Ontario Superior Court of Justice, a receivership order was granted to sell all the assets of the Company. Pursuant to the receivership order, A. Farber and Partners Inc. was appointed as the receiver. The contact information for the receiver is below.
Horizon Re Limited has 2 notes with the company the first note is for $3,000,000.00 issued March 4, 2015, and matured March 4, 2018, and a second note of $500,000 issued July 3, 2015, and matured on July 3, 2017.
Following the granting of the receivership order, John Gamble, Jerry Foster, David Woolford and Bruce Bent resigned as directors and, where applicable, officers of the Company.
John Gamble commented: “This is a very sad day for all the people at Net Zero as we finally started to make inroads in the market and produce revenues on a consistent basis. The debenture holders were not willing to give the company the runway to move forward and take payments over time.”