|By Marketwired .||
|January 10, 2014 02:09 PM EST||
MONCTON, NEW BRUNSWICK -- (Marketwired) -- 01/10/14 -- XL-ID Solutions Inc. (formerly known as Excellium Inc.) (TSX VENTURE:XLM) (the "Corporation" or "XL-ID"), a Tier II issuer listed on the TSX Venture Exchange (the "Exchange"), announces that it has submitted a proposal to its creditors under the Bankruptcy and Insolvency Act (Canada) ("BIA"). The proposal is made further to the filing by XL-ID with the Office of the Superintendent of Bankruptcy of a notice of intention to submit a proposal to its creditors pursuant to the BIA, which was announced on December 4, 2013.
Under the terms of the proposal, an amount of $275,000 will be made available to Raymond Chabot Inc., as Trustee, for distribution to creditors in the manner set forth in the proposal, less an amount not to exceed $75,000 to cover fees and expenses of the proposal. The proposal also provides for the reorganization of XL-ID's share capital pursuant to which its outstanding common shares will be cancelled for no consideration and XL-ID's majority shareholder and only secured creditor, General Financial Corporation, will be the sole shareholder. Following these steps, XL-ID will be delisted from the Exchange and will apply to cease to be a reporting issuer.
The proposal is subject to approval by the statutory majority of XL-ID's creditors under the BIA at a meeting scheduled to be held on or about January 24, 2014. Provided it receives the requisite approval from its creditors, XL-ID will seek a final order from the Superior Court of Quebec approving the proposal shortly thereafter.
XL-ID is a security company specialized in biometrics identity systems, proactive security management and in the integration of security products for the institutional and industrial markets. XL-ID is active in electronic identification, comprising background checks, biometric identification and management of large events and summits. XL-ID's common shares are listed on the Exchange under the trading symbol "XLM" and its continuous disclosure filings are available on SEDAR at www.sedar.com. For further information about XL- ID, please visit its website at www.XL-ID.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
XL-ID Solutions Inc.
Vice President, Administration and Acting CFO