NIAGARA FALLS, ON / ACCESSWIRE / February 24, 2022 / Net Zero Renewable Energy Inc. (www.nzre.ca) (TSXV:NZRE) ("NZRE" or the "Company"), the company after many days of negotiations with Horizon Re Limited could not come to a settlement and therefore at a hearing today before the Ontario Superior Court of Justice, a receivership order was granted to sell all the assets of the Company. Pursuant to the receivership order, A. Farber and Partners Inc. was appointed as the receiver. The contact information for the receiver is below.
Horizon Re Limited has 2 notes with the company the first note is for $3,000,000.00 issued March 4, 2015, and matured March 4, 2018, and a second note of $500,000 issued July 3, 2015, and matured on July 3, 2017.
Following the granting of the receivership order, John Gamble, Jerry Foster, David Woolford and Bruce Bent resigned as directors and, where applicable, officers of the Company.
John Gamble commented: "This is a very sad day for all the people at Net Zero as we finally started to make inroads in the market and produce revenues on a consistent basis. The debenture holders were not willing to give the company the runway to move forward and take payments over time."
Following the granting of the receivership order,
For further information from the Company please contact:
John Gamble
Net Zero Renewable Energy Inc.
Tel: 289-488-1699
Email: info@nzre.ca
The contact information for the receiver is:
A. Farber & Partners Inc.
150 York Street, Suite 1600
Toronto, Ontario, M5H 3S5
Attention: Hylton Levy
Phone: 416-496-3070
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward-looking statements. Forward-looking information relating to sales of the products (the "Opportunities") involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed or implied by such forward-looking information. Although NZRE believes that the assumptions used in preparing the forward-looking information on the Opportunities outlined in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. NZRE disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE: Net Zero Renewable Energy Inc.
View source version on accesswire.com:
https://www.accesswire.com/690369/Net-Zero-Renewable-Energy-Notice-of-Application-to-Secure-Debt-Approved-by-Court
