Guestlogix Inc T.GXI.R

GuestLogix Successfully Emerges from Creditor Protection wit

[purse]

TORONTO, ONTARIO--(Marketwired - Sept. 26, 2016) - GuestLogix Inc.("GuestLogix" or the "Company"), the leading global provider of onboard retail and payment technology to the airline and passenger travel industry, announced it has successfully emerged from creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") under a new ownership group and CEO, Mike Abramsky. With a renewed financial footing and new leadership, GuestLogix is now a viable, debt-free private company with the resources necessary to pursue its growth plans and the continued advancement of its onboard retail technology platform. GuestLogix' new owners are a Canadian investor group with a strong track record of investing in high-growth technology businesses, and include Stornoway Portfolio Management Inc., Bridgecorp Canada Inc., Logan Peak Capital Inc. and Klass Capital Corporation. GuestLogix' new CEO, Mike Abramsky, is a global technology leader with a solid track record of leading businesses to sustainable growth, client value and profitability. A seasoned technology executive, for two decades Mike has held leadership positions at Argus Software, Delrina Corp, Xerox and other organizations. Mike was also a Managing Director for RBC Capital Markets. Mike holds a Bachelor and Master of Science in Engineering from Massachusetts Institute of Technology (Boston) and an MBA from Harvard University. "This is a very exciting time for GuestLogix," said Mike Abramsky, CEO, GuestLogix Inc. "With a solid and engaged team, and many of the largest and most diverse set of airline and travel partners as loyal customers - along with the most comprehensive onboard retail solution in the industry - GuestLogix remains the global leader in the in-flight ancillary revenue space. We are well positioned to help our clients and partners drive strong ancillary revenue, and to offer differentiated passenger retail experiences driving customer loyalty." "We are delighted to have Mike Abramsky lead the team and global business at GuestLogix," commented Scott Reid President & founder of Stornoway Portfolio Management. "With a strong track record of revitalizing the operations of global firms, Mike brings deep expertise in leading world-class technology companies to drive unique and strong client value." Under Mike's leadership, GuestLogix plans to continue to bring to market innovative, value-added solutions that power the travel industry's most popular onboard retail offerings - whether in use by thousands of Flight Attendants or via self-service systems such as in-flight entertainment seat back screens and onboard streaming solutions. GuestLogix also powers the retail and ticketing systems of rail operators as well as the world's largest airport lounge company. GuestLogix currently processes transactions in 144 countries around the world and supports a global client base which in turn serves over 2.4 million travelers daily.

[Packershabsfan]

That's means we lost everything ? Or we'll have a chance to trade our share ?

[eunice12]

Gee that is a tough one so let's try to reason it out. The new guy injected capital, so if it was in the pubco that you are a shareholder of do you think he didn't know how many shares he was getting for his money so couldn't explain the price he paid in the nr, or do you think the receiver put the assets in another company that is private that he invested in instead, because the

[displayname1]

It was obvious a long time back that this was manouvering into a position where the shareholders got zilch.  

[kidroc01]

Don't say that. It hurts my feelings.  We still got Asset Co., which might worth some negative numbers... hahaha 

[displayname1]

Well, when the new owners take it public you'll all be able to invest again.  Silver lining to every cloud.

[Growthandprospe]

We should sue the new owners!

[displayname1]

You sue the company, not the owners.  I think thats how Mr Trump (and many others) got rich too.  Strip assets into newCo and leave debts in oldCo which shuts down.  Screw over the little folk (seems to be honorable behaviour in some republican circles). I haven't read all the paperwork but I wouldn't be surprised if that were the case here (again - think initium onboard

[Growthandprospe]

Yes, and who destroyed all the wealth that previous shareholders had invested! Don't trust any of the new owners after decimating our investment in GXI!

[Growthandprospe]

You destroyed our wealth!