December 15, 2008 21:19 ET

Syscan International Announces Filing Pursuant to the Bankruptcy and Insolvency Act and Appointment of a Trustee

MONTREAL, CANADA--(Marketwire - Dec. 15, 2008) - Syscan International Inc. ("Syscan" or the "Company") (TSX VENTURE:SYA) today announced that it has filed under the Bankruptcy and Insolvency Act and that a Trustee has been appointed by the Court to handle matters with its creditors. The Trustee is Herb Davis of H.H. Davis & Assoc. Inc. of Montreal, Quebec. The Board of the Company decided to pursue this course of action after the expected Private Placement with Bluehill ID failed to materialize and after previous attempts to raise capital and affect a company merger and sale were unsuccessful. All the members of the Company's Board of Directors and Officers have resigned with the appointment of the Trustee.

The filing is a result of the Company having received notice of the Hypothec enforcement from the courts, associated with a secured Bridge Loan (the "Loan) the Company had obtained from Bluehill ID, AG (the "Lender"), a company with headquarters in Switzerland. Demand for the Loan had been made as announced on November 21, 2008 (See Syscan International Announces Letter of Demand in the Amount of C$ $207,520 for a Previously Announced Bridge Loan) and the Bankruptcy filing on December 12, 2008 (See Syscan International Announces Intent to Make an Assignment to a Trustee Pursuant to the Bankruptcy and Insolvency Act).

About Syscan International Inc.

Syscan is a unique supply chain solution provider that delivered integrated real-time tracking and tracing systems that improve business efficiency through Radio Frequency Identification (RFID). Its standardized supply chain solutions include traceability, temperature monitoring and quality control applications for the food and pharmaceutical and military sectors. Shares of Syscan traded on the TSX Venture Exchange under the symbol SYC until they were halted. There are approximately 1.2 million shares outstanding after a recent 40 to 1 share consolidation and change of its trading symbol from SYA to SYC.

The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.

Forward-looking statements: This news release may contain forward-looking statements that relate to future events or expectations of future performance. Forward looking statements reflect management's current beliefs and are based on information presently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. The forward-looking statements are made as of the date hereof and Syscan does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • H. H. Davis & Assoc. Inc.
    514-807-5310 (FAX)