AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

September 22, 2010 09:16 ET

AireSurf Files Bankruptcy Proposal

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2010) - AireSurf Networks Holdings Inc. (CSNX:ANH) (the "Company") announces that it has filed a proposal under Section 50 of the Bankruptcy and Insolvency Act (Canada) with the Ontario Superior Court of Justice in Bankruptcy. 

Under the terms of the proposal filed by Risman & Zysman Inc., trustee in bankruptcy, each unsecured creditor of the Company will receive one (1) common share in the capital of the Company for every $0.05 of indebtedness. Completion of the proposal, including the issuance of common shares in connection therewith, is subject to various approvals, including regulatory and creditor approval. In the event that creditors do not approve the proposal the Company will be deemed to made an assignment into bankruptcy. Proof of Claim and related documents will be forwarded to creditors shortly.

Shares Outstanding: 50,317,596

The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.

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