Cenosis To Make Creditor Proposal Under the Bankruptcy and Insolvency Act
Thursday, February 20, 2003
LAVAL, QUEBEC--Cenosis Inc. announced that the Company has notified its intention to make a proposal to creditors under the federal Bankruptcy and Insolvency Act. The notice covers the KangaCom subsidiary as well. The notice provides for an initial period of 30 days' protection, subject to further extension, and permits the Company to operate its business normally and pursue ongoing negotiations with creditors and potential business partners. Raymond Chabot Grant Thornton has been appointed to act as the Company's trustee in the proceedings. Cenosis Inc. is a high technology company active in the development and integration of software solutions, mainly for the publishing and graphic communications industries. Its wholly owned subsidiary, KangaCom Inc., is an application service provider (ASP) offeringsoftware solutions for the transfer of large data files and digital workflow automation.