XL-ID Solutions Inc.

XL-ID Solutions Inc.

February 13, 2014 16:24 ET

Superior Court of Quebec Approves Proposal Submitted by XL-ID Solutions Inc.

MONCTON, NEW BRUNSWICK--(Marketwired - Feb. 13, 2014) - 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 received a final order from the Superior Court of Quebec (the "Court") approving the proposal approved at the meeting of its creditors which took place on January 24, 2014.

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 Court order authorizes XL-ID to proceed with the reorganization of XL-ID's share capital under section 191 of the Canada Business Corporations Act, pursuant to which its outstanding common shares will effectively be cancelled for no consideration and XL- ID's majority shareholder and only secured creditor, General Financial Corporation, will be the sole shareholder. Trading in XL-ID shares has been halted, and XL-ID will be delisted from the Exchange and will apply to cease to be a reporting issuer shortly.

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. 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. The matters set forth in this press release remain subject to review of the applicable regulatory authorities.

Contact Information

  • XL-ID Solutions Inc.
    Claude Roussin
    Vice President, Administration and Acting CFO
    (514) 360-4550