Poynt files for bankruptcy

Oh no! Calgary-based Poynt has filed for bankruptcy. This is not good news, especially because Poynt was one of few Canadian companies to gain success globally. Their Poynt app was been pre-loaded on millions of smartphones and gives users quick access to local info, phone numbers, movie times and gas prices. At last count Poynt had 15.4 million users with a goal to have 40 million users by the end of 2012 – clearly that’s not going to happen.

According to their press release “The Company is not currently in a position to meet the obligations owing to its secured and unsecured creditors and as such, has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations.”

Unfortunate news.

Source: Marketwire