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TORONTO, ONTARIO -- (Marketwired) -- 05/11/17 -- Intrinsic4D Inc. (the "Corporation") (TSX VENTURE: IFD) provides stakeholders with an update in relation to its financial status and solvency.
Public Sale of Assets
In the Corporation's March 22, 2017 news release it indicated that Mosaic Makro Medical Partners, LLC ("Mosaic") was seeking to sell, under Article 9 of the Uniform Commercial Code, substantially all of the assets (the "Collateral") of Intrinsic4D LLC (the "Operating Subsidiary"), the wholly owned operating subsidiary of the Corporation, to the highest qualified bidder at a public sale on April 3, 2017, and that Mosaic had provided notice to the Operating Subsidiary that it intended to credit bid at the public sale.
The Corporation has been advised that Mosaic conducted the public sale of the Collateral pursuant to Article 9 of the Uniform Commercial Code and that a company affiliated with Mosaic was the winning bidder and agreed to purchase all of Mosaic's right, title and interest in and to the Collateral for US$200,000.
Accordingly, substantially all of the assets of the Operating Subsidiary have been sold and the US$200,000 is credited towards satisfaction of the debt owed by the Operating Subsidiary to Mosaic.
As previously announced, the Operating Subsidiary remains in default under the secured loan from Mosaic, and the Corporation and the Operating Subsidiary remain in default and obligated to the holders of the 10.5% convertible debentures issued by the Corporation on March 17, 2016, May 17 2016 and June 1, 2016.
Transfer to NEX
In accordance with TSX Venture Exchange ("TSXV") Policy 2.5, the Corporation has not maintained the continued listing requirements for a Tier 2 listed issuer. Accordingly, the Corporation must transfer its shares from trading on the TSXV and transition to the NEX, a separate board of the TSXV ("NEX"). Effective as of market open on May 16, 2017, the voting common shares of the Corporation will transfer to NEX, the trading symbol will change from IFD to IFD.H., and the Corporation's TSXV Tier classification will change from Tier 2 to NEX.
NEX is a separate board of TSXV that provides a trading forum for listed companies that have fallen below the TSXV's ongoing listing standards.
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.Contacts: Intrinsic4D Inc. Kyle Appleby Interim Chief Executive Officer (416) 417-9176 NEXT ARTICLE