MONTREAL, Dec. 23, 2015 /CNW Telbec/ - SENSIO
Technologies Inc. ("SENSIO" or "the Company") (TSX Venture TSXV:
SIO) announced today that it filed a notice of intention to make a
proposal under the Bankruptcy and Insolvency Act
(Canada) ("NOI").
Sensio also announced that it entered into a binding letter of
intent with Wi-Lan Inc. and an affiliate ("WiLAN") providing for
the sale to WiLAN of the patents and patent applications underlying
the existing Exclusive License Agreement among the parties. The
sale to WiLAN is subject to approval of the Superior Court of
Quebec and is expected to close in
January 2016.
Sensio also announced that it obtained a $100,000 secured bridge loan from its President
and Chief Executive Officer which is repayable upon the receipt of
the proceeds from the sale to WiLAN. The bridge loan will be
secured by all of the assets of the Company and will bear an
interest rate of 18% per annum. The secured bridge loan was
approved by all of the disinterested directors of the Company and
is exempt from the requirement to obtain minority shareholder
approval under the related party transaction rules of applicable
securities legislation.
The transactions follow a review of Sensio's strategic
alternatives by a committee of its Board of Directors formed of all
non-management directors and advised by Deloitte Restructuring Inc.
("Deloitte"). It was determined by the Board of Directors, at the
recommendation of the independent committee, that, as a result of
the Company's current financial situation, seeking creditor
protection would be in the best interests of the Company and all of
its stakeholders. While under protection, the Company will continue
with its efforts to pursue strategic alternatives, including
pursuing the sale of its remaining assets. The net proceeds from
the sale to WiLAN will be directed towards that strategic process.
There can be no assurance that the strategic process will result in
the consummation of any specific transaction or agreement. The
Company does not plan to make future comments about the status of
this strategic process unless there are material developments.
Under the protection, it is expected that the Company's
3DGO!TM operations will continue uninterrupted in the
ordinary course of business. While under protection, Sensio's Board
of Directors maintains its usual role and its management remains
responsible for the day-to-day operations of Sensio under the
supervision of Deloitte acting as trustee under the NOI. Deloitte
will also continue to act as financial advisor with respect to the
strategic process.
Sensio's Board of Director wishes to thank Mr. Richard Laberge, co-founder of Sensio, for his
years of service to the Corporation. Mr. Laberge will not be
replaced and Sensio's Chief Executive Officer will be assuming his
corporate secretary function.
About SENSIO
Founded in 1999, SENSIO Technologies
Inc. (www.sensio.tv) is a pioneer in the field of stereoscopic 3D
imaging and of 3D content distribution at home. For over 15 years,
SENSIO has been developing, patenting and marketing advanced 3D
image processing technology providing superior image quality as
well as a simple user friendly experience. Its award-winning
technology, SENSIO ® Hi-Fi 3D, can be found in millions of products
for the cinema, distribution and consumer electronics markets
worldwide.
Today, SENSIO uses its technologies and 3D expertise to deliver
its video-on-demand service, 3DGO!TM, the first
3D‑dedicated service offering Hollywood blockbuster movies directly to
consumers. SENSIO works with some of the biggest brands in the
consumer electronics industry and the film industry to become the
destination of choice for 3D movie fans. 3DGO!TM aims to
become the largest distributor of 3D content for the consumer
market in the world.
Caution Concerning Forward-Looking Statements
Certain
statements made in this press release that are not historical facts
are forward-looking statements and are subject to important risks,
uncertainties and assumptions, both general and specific, which
give rise to the possibility that actual results or events could
differ materially from our expectations expressed in or implied by
such forward-looking statements. As a result, we cannot guarantee
that any forward-looking statement will materialize and readers are
cautioned not to place undue reliance on these forward looking
statements. The Company cautions that there are no assurances that
the strategic process will result in a transaction or, if a
transaction is undertaken, the terms or timing of such a
transaction. Trading in the securities of the Company should be
considered highly speculative. For more exhaustive information on
risks and uncertainties, the reader should refer to the risk
factors described in the management's discussion and analysis of
SENSIO for the period ended August 31, 2015. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. We disclaim any
intention and assume no obligation to update or revise any
forward-looking statements. Forward-looking statements are
presented for the purpose of providing information about
management's current expectations and plans and allowing investors
and others to obtain a better understanding of our anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes.
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.
SENSIO® is a registered trademark of SENSIO Technologies Inc
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SOURCE SENSIO Technologies Inc.