- First day orders (“First Day Orders”) granted by the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”) in Chapter 11 proceedings (the “Chapter 11 Proceedings”).
- Sale process for Company’s assets underway pursuant to Order of U.S. Court.
- Company continues to operate its business in the ordinary course during Chapter 11 Proceedings and throughout sale process.
- Chapter 11 Proceedings recognized in the Ontario Superior Court of Justice (Commercial List) (the “Canadian Court”).
NEW YORK–(BUSINESS WIRE)–GetSwift Technologies Limited (“GetSwift” or the “Company”; NEO: “GSW”), a leading provider of last mile SaaS logistics technology and services, today announced that all of the First Day Orders sought by the Company in its Subchapter V filing within the Chapter 11 process were granted by the U.S. Court. The First Day Orders permit the Company to maintain its operations in the ordinary course while under Chapter 11 protection.
In accordance with one of the First Day Orders, GetSwift’s sale of substantially all of the Company’s assets is underway. Pursuant to the order made by the U.S. Court, SF2 GSW, LLC (“SF2”), an affiliate of Stage Equity LLP, was approved as the “stalking horse” bidder for the Company’s SaaS assets. From August 15, 2022 through August 17, 2022, the Company delivered a Notice of Bid Procedures setting out the details of the sale process, including a bid deadline of September 14, 2022 at 5:00 p.m. (EDT). The auction for the SaaS assets of the Company is scheduled for September 20, 2022 at 10:00 a.m. (EDT), and a hearing to approve the successful bidder has been scheduled before the U.S. Court on September 23, 2022 at 11:00 a.m. (EDT).
On August 18, 2022, the Canadian Court recognized the Chapter 11 Proceedings as “foreign main proceedings” under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”), recognized the First Day Orders of the U.S. Court and granted ancillary relief. Included in the relief granted is the appointment of Grant Thornton Limited, an experienced licensed insolvency trustee, as the Information Officer in the Canadian Proceedings.
About GetSwift Technologies Limited
Technology to Optimize Global Delivery Logistics
GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GetSwift is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW,” although trading has been suspended. For further background, please visit the Corporation’s profile on SEDAR at www.sedar.com and the Corporation’s website at www.getswift.co.
Forward Looking Information
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws (“Forward-looking Information”). Forward-looking Information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Corporation, to the future outlook of the Corporation and anticipated events or results and may include statements regarding the future financial performance of the Corporation. In some cases, Forward-looking Information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking Information in this news release include statements related to (i) the auction for the assets of the Company scheduled for September 20, 2022, and (ii) the sale hearing scheduled with the U.S. Court for September 23, 2022.
Forward-looking Information involves various risks and uncertainties and is based on certain factors and assumptions. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from the Corporation’s expectations include, without limitation, general economic and market conditions, the emergence of other bidders or offers for the Company’s software assets in the sale process, the availability of capital resources to the Corporation in the short and long term, the emergence of any unexpected and/or adverse due diligence findings, any adverse decisions by the NEO Exchange or other securities regulator, and the ability of the Corporation to identify and retain qualified persons on its board of directors.
The Corporation undertakes no obligation to update or revise any Forward-looking Information, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Corporation to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Information. Any Forward-looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.
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