Home Commercial trading GetSwift First Day orders granted, Chapter 11 proceedings recognized in Canada and sales process underway

GetSwift First Day orders granted, Chapter 11 proceedings recognized in Canada and sales process underway

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NEW YORK — GetSwift Technologies Limited (“GetSwift” or the “Company”; NEO: “GSW”), a leading provider of last mile SaaS logistics technology and services, today announced that all orders for the first day sought by the Company in its Subchapter V filing in the Chapter 11 process has been granted by the US court. Day one orders allow the company to maintain normal course operations while still under Chapter 11 protection.

Pursuant to one of the day one orders, GetSwift’s sale of substantially all of the company’s assets is underway. Pursuant to the US court order, SF2 GSW, LLC (“SF2”), an affiliate of Stage Equity LLP, has been approved as a stalking horse bidder for the Company’s SaaS assets. From August 15, 2022 to August 17, 2022, the Company issued a Notice of Bid Procedures outlining the details of the sale process, including a bid deadline of September 14, 2022 at 5:00 p.m. (EDT). The auction for the Company’s SaaS assets is scheduled for September 20, 2022 at 10:00 a.m. (EDT), and a hearing to approve the successful bidder has been scheduled in the U.S. court for September 23, 2022 at 11:00 a.m. (EDT).

On August 18, 2022, the Canadian Court recognized the Chapter 11 proceeding as a “main foreign proceeding” under the Companies Creditors Arrangement Act (Canada) (“CCAA”), recognized the first-day orders of the United States Court and granted collateral relief. The relief granted includes the appointment of Grant Thornton Limited, an experienced Licensed Insolvency Trustee, as Information Agent 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 analytics, communications, information security and optimization infrastructure. augmentation, business intelligence, route optimization, cash management, task management team 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 all industries and jurisdictions for their respective logistics, communications, information security and infrastructure projects and operations.

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GetSwift is headquartered in New York and its common stock is listed on the NEO exchange under the symbol “GSW”, although trading has been suspended. For more information, please see the Company’s profile on SEDAR at www.sedar.com and the Company’s website at www.getswift.co.

Forward-looking information

Certain statements contained in this press 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 press release and other matters identified in public documents regarding the Company, the Company’s future prospects and anticipated events or results and may include statements regarding financial performance future of the Company. . In some instances, forward-looking information may be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “have the intention to”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking information in this press release includes statements relating to (i) the auction of the Company’s assets scheduled for September 20, 2022 and (ii) the sale hearing scheduled in the United States court on 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 Company’s expectations include, but are not limited to, general economic and market conditions, the emergence of other bidders or offers for the assets Company’s software in the sale process, the availability of short and long-term capital resources to the Company, the emergence of any unexpected and/or adverse due diligence results, any adverse decisions by the NEO Exchange or another securities regulator, and the Company’s ability to identify and retain qualified individuals for its board of directors.

The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. New factors appear from time to time, and it is not possible for the Company to predict all of them, or to assess the impact of each of these factors or the extent to which any one factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. Any forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220822005756/en/

contacts

Relations with American investors:
chris tyson
Executive Vice President – ​​MZ North America
949-491-8235
[email protected]
www.mzgroup.us

GetSwift Investor Relations:
[email protected]

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