Creditors of XL-ID Solutions Inc. approve proposal
XL-ID Solutions Inc. (formerly known as Excellium Inc.) (TSX VENTURE:XLM) (the "Corporation" or "XL-ID"), a Tier II issuer listed on the TSX Venture Exchange (the "Exchange"), announced that at the meeting of its creditors which took place on January 24, 2014, the statutory majority of creditors approved the proposal submitted by the Corporation pursuant to the Bankruptcy and Insolvency Act (Canada) ("BIA"), in a proportion of 93,6% in number and 89,5% in value of the creditors who filed a proof of claim and voted on the proposal.
XL-ID had submitted a proposal to its creditors on January 3, 2014 under BIA. Under the terms of the proposal, an amount of $275,000 will be made available to Raymond Chabot Inc., as Trustee, for distribution to creditors in the manner set forth in the proposal, less an amount not to exceed $75,000 to cover fees and expenses of the proposal. The proposal also provides for the reorganization of XL-ID's share capital pursuant to which its outstanding common shares will be cancelled for no consideration and XL-ID's majority shareholder and only secured creditor, General Financial Corporation, will remain as the sole shareholder.
Following the approval of the proposal by its creditors, XL-ID will now seek a final order from the Superior Court of Quebec approving the proposal in the coming days. Following these steps, XL-ID will be delisted from the Exchange and will apply to cease to be a reporting issuer.
XL-ID is a security company specialized in biometrics identity systems, proactive security management and in the integration of security products for the institutional and industrial markets. XL-ID is active in electronic identification, comprising background checks, biometric identification and management of large events and summits. XL-ID's common shares are listed on the Exchange under the trading symbol "XLM" and its continuous disclosure filings are available on SEDAR at www.sedar.com. For further information about XL- ID, please visit its website at www.XL-ID.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The matters set forth in this press release remain subject to review of the applicable regulatory authorities.
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