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XLM XL ID Solutions

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Share Name Share Symbol Market Type
XL ID Solutions TSXV:XLM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Creditors of XL-ID Solutions Inc. Approve Proposal

27/01/2014 3:48pm

Marketwired Canada


XL-ID Solutions Inc. (formerly known as Excellium Inc.) (TSX VENTURE:XLM) (the
"Corporation" or "XL-ID"), a Tier II issuer listed on the TSX Venture Exchange
(the "Exchange"), announces that at the meeting of its creditors which took
place on January 24, 2014, the statutory majority of creditors approved the
proposal submitted by the Corporation pursuant to the Bankruptcy and Insolvency
Act (Canada) ("BIA"), in a proportion of 93,6% in number and 89,5% in value of
the creditors who filed a proof of claim and voted on the proposal.


XL-ID had submitted a proposal to its creditors on January 3, 2014 under BIA.
Under the terms of the proposal, an amount of $275,000 will be made available to
Raymond Chabot Inc., as Trustee, for distribution to creditors in the manner set
forth in the proposal, less an amount not to exceed $75,000 to cover fees and
expenses of the proposal. The proposal also provides for the reorganization of
XL-ID's share capital pursuant to which its outstanding common shares will be
cancelled for no consideration and XL-ID's majority shareholder and only secured
creditor, General Financial Corporation, will remain as the sole shareholder.


Following the approval of the proposal by its creditors, XL-ID will now seek a
final order from the Superior Court of Quebec approving the proposal in the
coming days. Following these steps, XL-ID will be delisted from the Exchange and
will apply to cease to be a reporting issuer.


XL-ID is a security company specialized in biometrics identity systems,
proactive security management and in the integration of security products for
the institutional and industrial markets. XL-ID is active in electronic
identification, comprising background checks, biometric identification and
management of large events and summits. XL-ID's common shares are listed on the
Exchange under the trading symbol "XLM" and its continuous disclosure filings
are available on SEDAR at www.sedar.com. For further information about XL- ID,
please visit its website at www.XL-ID.ca.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. The matters set forth in this press
release remain subject to review of the applicable regulatory authorities.


FOR FURTHER INFORMATION PLEASE CONTACT: 
XL-ID Solutions Inc.
Claude Roussin
Vice President, Administration
and Acting CFO
(514) 798-8899

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