Poynt reaches the end of the road

Shares of Calgary-based Poynt were halted this morning after announcing that its stay of proceedings has been terminated, and the company has been assigned to bankruptcy.

Shares of Calgary-based Poynt were halted this morning after announcing that its stay of proceedings has been terminated, and the company has been assigned to bankruptcy.

After a long and drawn out process, it appears Poynt (TSXV:PYN) has reached the end of the road.

Shares of the Calgary-based junior were halted this morning after announcing that its stay of proceedings has been terminated, and the company has been assigned to bankruptcy. Hardie & Kelly, the trustee the trustee representing the company in its bankruptcy hearing, has been appointed as receiver over the company and its assets.

Poynt also announced that two directors have resigned, effective immediately.

Last week, the company said it would file a report with Canada’s Office of the Superintendent of Bankruptcy. Management was looking for time to sort things out on its $1-million debtor-in-possession financing.

Instead, the company’s assets will belong to someone else. The major piece of the puzzle. of course, is the Poynt platform, an app that CEO Andrew Osis told us Monday is still growing, with over 20,000 new users daily and nearly 20 million unique users in total.

After a brief time as a TSXV market darling, the fortunes of Poynt the company diverged from the fortunes of its eponymous app, which was a runaway success. Around the time the app was passing the sixteen million user mark, the company was reporting it had lost $20.47-million in fiscal 2011 on revenues of just $2.4-million. In better days, Poynt was part of a national media advertising campaign for BlackBerry’s “Super Apps” and, in 2010, was named the North American winner of the third annual BlackBerry Partners Fund “Super Apps” Developer Challenge.

At the time of the halt in trading this morning, shares of Poynt were trading at $.015.

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About Nick Waddell

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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