TORONTO, ONTARIO--(Marketwired - Apr 6, 2016) - - GuestLogix Inc. ("GuestLogix" or the "Company") today announced that it has entered into a definitive share purchase agreement in respect of the sale of all of the shares that its wholly-owned subsidiary, GuestLogix Ireland Limited, owns in OpenJaw Technologies Inc. to an affiliate of TravelSky Technology Limited (the "OpenJaw Transaction"). The OpenJaw Transaction resulted from the previously announced court-approved sale and investment solicitation process ("SISP") conducted under the Companies' Creditors Arrangement Act ("CCAA") under the supervision of PricewaterhouseCoopers Inc., the court appointed monitor (the "Monitor") and the direction of the Board of Directors of the Company with the assistance of Canaccord Genuity Corp., the financial advisor to the Company. The Company continues to operate its business under the direction of the Board of Directors of the Company.
The OpenJaw Transaction is subject to the approval of the Ontario Superior Court of Justice (the "Court"). GuestLogix expects to bring a motion before the Court to obtain the required approvals for the completion of the OpenJaw Transaction. Additional terms of the OpenJaw Transaction will be disclosed as the OpenJaw Transaction progresses, applicable approvals are obtained and the OpenJaw Transaction is completed. Closing of the OpenJaw Transaction is scheduled to occur on or before May 6, 2016 following the approval of the Court as well as satisfaction of certain other conditions.
The OpenJaw Transaction does not include any of the assets of the Company's onboard business.
A Court date is scheduled for April 13, 2016 to hear the Company's motion to approve the OpenJaw Transaction.
The Company also announced today that the Company's principal regulator, the Ontario Securities Commission, has issued a cease trade order effective April 5, 2016 which ceases all trading in securities of the Company as a result of the Company's failure to file its consolidated audited financial statements for the period ended December 31, 2015 (the "2015 Annual Financials") and related management's discussion and analysis within the timeline prescribed by National Instrument 51-102 - Continuous Disclosure Obligations.
As previously announced by press release on March 14, 2016, the Company does not currently intend to prepare or file the 2015 Annual Financials in light of the ongoing proceedings under the CCAA.
About GuestLogix
GuestLogix is a global leader in comprehensive merchandising, payment and business intelligence technology delivered to the passenger travel industry, both onboard and off-board. Bringing over a decade of expertise as the industry's most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry's growing reliance on ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides the payment services touching over 1 billion travelling consumers each year. On December 23, 2014, GuestLogix announced the acquisition of OpenJaw Technologies, a Dublin-based technology company focused on travel retailing innovation in the e-commerce segment. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional offices located in Dallas, London, Dublin, Galway, Madrid and Hong Kong, and product innovation labs located in Moncton and Kraków. More information is available at www.guestlogix.com and www.openjawtech.com.