Smartphone software developer Poynt Corp. files for bankruptcy

Mobile search company Poynt Corp. 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. Bankruptcy is the best way of “addressing the interests of its […]

Mobile search company Poynt Corp. 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.

Bankruptcy is the best way of “addressing the interests of its creditors and allowing it to carry on its operations,” Poynt said in a statement late Thursday.

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

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

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

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 advisors 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 to have access to 1.5 million business listings from the Montreal-based directories publisher.

Media Articles

Giving marketers the inside edge

SPONSORED: In-app video from Flurry and its marketplace now available to Yahoo advertisers

Yahoo Canada’s Year in Review

SPONSORED: Tapping in to what matters most to users

The search for social marketing’s J.D. Power

Aimia CMO John Boynton says social marketing needs metrics that look deeper

Canada’s Hottest Ads: A very foodie November

...with a light dusting of holiday cheer

Toronto Star hires Rethink

Agency to focus on promoting the paper's print edition and tablet news products

Former Quebecor CEO to head St-Hubert restaurant chain

Robert Depatie starts new role in February

Why there needs to be a victor in the mobile wallet wars

Retail Futurist Doug Stephens says convenience will reach a tipping point