This coming Wednesday, Poynt (TSXV:PYN) will file a report with Canada’s Office of the Superintendent of Bankruptcy. The company is looking for time to sort things out on its $1-million debtor-in-possession financing. Management says it has not yet received the cash from the lender, but expects to soon.
In the report, the company lays plain the fact that, should the stay be terminated, it will be assigned to bankruptcy, meaning it would cease operations and undergo a liquidation process in accordance with the terms of the Bankruptcy and Insolvency Act.
This sounds like a lot of doom and gloom, but Cantech Letter caught up with CEO Andrew Osis this morning to get his take on the matter. The Poynt boss says the company is working hard to come out the other side of the ordeal and get back to working on its eponymous app, which is still growing.
Andrew, Is there a chance Poynt can emerge from the current bankruptcy proceedings and carry on?
Absolutely. We are working very hard to develop a solution by the Wednesday deadline and expect to be successful in that effort.
What would a new Poynt look like? Leaner, smaller?
Over the last couple months we have worked to streamline the organization – reducing costs and improving operational efficiencies has been a priority that will continue as the Company moves to become cash flow positive.
What about Poynt, the app? Has its growth stopped during all this?
The Poynt platform is still growing at over 20,000 new users daily and is nearing 20 million unique users – half of whom are on the Android platform. In the last month we also released new and improved builds for both Android (optimized for Android 4.0) and iPhone (optimized for iPhone 5).
Is there a message you would send to current shareholders who have a had a really tough go of late?
The employee’s of Poynt Corp. are all shareholders too and as such, we understand the pain everyone is experiencing. We are working extremely hard to continue operations in a normal course as we work to exit creditor protection and enhance the value of the Company.