Smartphone software developer Poynt Corp. files for bankruptcy protection

CALGARY – Mobile search company Poynt Corp. (TSXV:PYN) has filed notice of bankruptcy protection with the Office of the Superintendent of Bankruptcy.

The Calgary-based company said it’s not currently in a position to pay its debts to its secured and unsecured creditors, including Toronto-based Intertainment Media Inc. (TSXV:INT).

Poynt operates software applications available on a wide variety of Apple, Google Android, Microsoft Windows, Nokia and Research in Motion smartphones and tablets.

The company’s local search app uses a device’s GPS locator to help users find nearby businesses, bars, gas stations and restaurants.

“Under the proposal process, the company will continue to operate, expand its business and execute on opportunities for growth and monetization,” said Poynt president and CEO Andrew Osis said in a statement Friday

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“With almost 17 million users globally and a user growth rate of 20,000 to 25,000 new users daily, the company is in a strong position moving forward to consider a number of strategic investment and combination opportunities that have been presented.”

Poynt said it expects to file a plan to pay it creditors in “due course.” Hardie & Kelly Inc., of Calgary, has been named trustee.

The company said Friday by filing the bankruptcy notice it is now in a position to address its obligations to its secured and unsecured creditors in an orderly and efficient manner.

The filing provides an initial 30-day period for Poynt to develop a proposal, to be sent to creditors for review and approval.

Intertainment Media Inc. said Poynt was unable to repay a $1.5-million loan to Intertainment that matured on July 5, plus interest and fees.

“The directors and management of Intertainment will work with their advisers to obtain the best possible outcome for the company and its shareholders in all applicable restructuring proceedings under the BIA (Bankruptcy Insolvency Act),” Intertainment said in a news release.

Intertainment owns and operates real-time language translation software subsidiary Ortsbo Inc. as well as online advertising tool Ad Taffy, ItiBiti and Magnum.

Poynt also has an agreement with Yellow Media (TSX:YLO) to have access to 1.5 million business listings from the Montreal-based directories publisher.